Navios Maritime Holdings Inc. Announces Closing of $400 Million 8-7/8% First Priority Ship Mortgage Notes Due 2017 Offering

PIRAEUS, Greece, Nov. 2 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. (''Navios Holdings") (NYSE: NM) announced today that it and Navios Maritime Finance (US) Inc., its wholly-owned finance subsidiary ("NMF" and, together with Navios Holdings, "Navios") completed the sale of $400 million of 8-7/8% first priority ship mortgage notes due 2017 (the ''Notes''). The Notes were offered and sold in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the ''Securities Act''), and in offshore transactions to non-United States persons in reliance on Regulation S under the Securities Act.

The Notes are guaranteed by all of the subsidiaries that provide a guarantee of Navios Holdings' 9-1/2% senior notes due 2014. As of the closing date, the Notes are secured by first priority ship mortgages on 13 drybulk vessels owned by certain subsidiary guarantors.

$105 million of the offering proceeds have been escrowed to provide additional financing to complete the purchase of two new vessels expected to be delivered in late 2009 and early 2010 (which will then become part of the collateral securing the Notes). The balance of the offering proceeds have been used to repay borrowings under certain of Navios Holdings' existing credit facilities and to pay transaction and related expenses.

The Notes and related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to or for the benefit of U.S. persons unless so registered except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable securities laws in other jurisdictions. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes and the related guarantees, nor shall there by any sale of the Notes and the related guarantees in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of the Notes and related guarantees will be made only by means of a private offering memorandum. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. For more information please visit our website: www.navios.com.

Navios Maritime Holdings Inc.