UPDATE 1-Navios offering priced at $10.32/unit

* Offering priced at $10.32 per unit

* Pricing at 7.5 pct premium

* Shares up 4 percent

May 5 (Reuters) - Drybulk carrier Navios Maritime Partners (NMM.N) said its public offering of 3.5 million unit was priced at $10.32 apiece.

The pricing was at 7.5 percent premium to the company's Tuesday closing price.

Navios said the underwriters have a 30-day option to purchase up to an additional 525,000 common units to cover over-allotments, if any.

The company plans to use the proceeds from the offering, which is expected to close on may 8, to fund its fleet expansion and for general partnership purposes.

The joint book running managers for this offering are Citi, J.P.Morgan and Merrill Lynch & Co, the company added.

Shares of the company rose 4 percent in after-hours trade. They closed at $9.60 Tuesday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Anil D'Silva)