Commentary & Deal Flow

Navios South American Logistics Inc., exp ratings B by S&P (corporate rating B (p)), US$400m 5y sr secured notes due 07/14/2030 in the Norwegian bond market. Arctic Securities global coordinator, Fearnley Securities joint bookrunner, SEB as co-manager. Guarantors: each terminal owning entity (owning one each of the three Uruguay terminals). Will be issued at par. 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. Pricing 06/30. Settle 07/14. ISIN: NO0013606418

IPTs: 9.00%-9.25%

GUIDANCE: 8.75%-9.00%

FINAL TERMS: US$400m @ 8.875%

Books close 18:00 CEST / 12:00 EDT