Navios South American Logistics Inc. (ticker: NM), B1/B (s/p), US$30m reopening of 144A/Reg S sr secured notes due 07/14/2030 in the Norwegian bond market. Sole bookrunner: Arctic Securities. Co-manager: S. Goldman Advisors. UOP: General corporate purposes.

PRICED: $30m 8.875% 07/14/2030 @ 104. There is now $430m outstanding under the senior secured bond.

The tap was initiated by a reverse inquiry.

Oslo Stock Exchange filing: https://newsweb.oslobors.no/message/668049

Terms of original $400m bond, priced 06/30/2025 ( https://creditflowresearch.com/deal-89731-navios-south-american-logistics-inc-nm )

Guarantors: each terminal owning entity (owning one each of the three Uruguay terminals). Call structure: MW first 30 months, then callable (in whole or in part) at par + 50/40/30/20/10% of coupon rate after 30/36/42/48/54 months. Incurrence test: distribution - leverage ratio less than 3.25x; financial indebtedness (including taps) - interest coverage ratio is greater than 2.0x. Terms revised: alignment of restrictions on leasing and bank financing of other group companies; no incurrence test for non-terminal owning entities, bondholder protection through financial covenants on consolidated group level. CoC at 101. Minimum subscription: $200k. Expected listing: Oslo Børs within 12 months. Governing law: Norwegian. UOP: Repayment of the HCOB/KfW, BBVA and Santander loan facilities, US$50m to partly repay the NSM subordinated loan and for general corporate purposes of the group. Priced 06/30. Settle 07/14. ISIN: NO0013606418