Germany's Hapag-Lloyd plans €150 million tap of 7¾% notes due 2018

By Paul A. Harris

Portland, Ore., Oct. 8 - Germany-based container shipping firm Hapag-Lloyd AG is in the market with a €150 million add-on to its 7¾% senior notes due 2018, according to market sources.

The deal is expected to price on Wednesday.

Joint bookrunner Deutsche Bank AG will bill and deliver. Citigroup and JPMorgan are also joint bookrunners.

Berenberg, IKB, MMWarburg, and Morgan Stanley are the co-managers.

Proceeds will be used to redeem a portion of the company's 9% senior notes due 2015.

The original €250 million issue priced at par on Sept. 20.

The add-on notes will be fungible with the existing notes.

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