New Issue: Germany's Hapag-Lloyd prices €150 million add-on to 9% notes due 2015 at 103.375

By Paul A. Harris

St. Louis, Oct. 25 - Germany's Hapag-Lloyd AG priced a €150 million fungible add-on to its 9% senior notes due Oct. 15, 2015 (B3/B) at 103.375 on Monday, according to an informed source.

The reoffer price came on top of the price talk.

Deutsche Bank Securities, Citigroup, Credit Suisse, Goldman Sachs & Co., J.P. Morgan Securities LLC and UniCredit were the joint bookrunners.

Proceeds will be used for general corporate purposes.

The Hamburg, Germany-based container shipping firm priced the original €330 million tranche at 99.5015 to yield 9 1/8% on Oct. 1, 2010.

In a concurrent transaction, which took place on the same day, the company also priced a $250 million tranche of 9¾% notes due Oct. 15, 2017 at 99.3731 to yield 9 7/8%.

Issuer:	Hapag-Lloyd AG
Amount:	€150 million
Proceeds:	€155,063,000 (approximate)
Maturity:	Oct. 15, 2015
Securities:	Fungible add-on to the 9% senior notes due Oct. 15, 2015
Bookrunners:	Deutsche Bank Securities (bill and deliver), Citigroup, Credit Suisse, Goldman Sachs & Co., J.P. Morgan Securities LLC, UniCredit
Coupon:	9%
Price:	103.375
Call features:	Callable on Oct. 15, 2013 at 104.50, 102.25, par on and after Oct. 15, 2015
Equity clawback:	35% at 109.0 until Oct. 15, 2013
Trade date:	Oct 25
Settlement date:	Oct. 28
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	103.375
Original issue:	€330 million priced at 99.5015 to yield 9 1/8% on Oct. 1, 2010
Total issue size:	€480 million

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