Germany's Hapag-Lloyd starts marketing $500 million equivalent notes

By Paul A. Harris

St. Louis, Sept. 22 - German container shipping firm Hapag-Lloyd AG began marketing a $500 million equivalent offering of high-yield senior notes on Wednesday in Europe, according to market sources.

The European roadshow will include stops in London, Frankfurt and Paris. A roadshow will get underway in the United States during the week ahead.

The offering will be made in dollars and euros, and will be structured as a five-year tranche with three years of call protection, and a seven-year tranche with four years of call protection.

Deutsche Bank, Citigroup, Credit Suisse, Goldman Sachs, JPMorgan and UniCredit are managing the Rule 144A and Regulation S transaction.

Credit ratings remain to be determined.

Proceeds will be used to repay debt.

The Hamburg-based firm is a unit of TUI AG.

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