By Paul A. Harris
Portland, Ore., Nov. 20 – Hapag-Lloyd AG priced a €250 million issue of five-year senior notes (Caa1/B-/) at par to yield 7½% on Thursday, according to a market source.
The yield printed on top of yield talk.
Lead bookrunner Deutsche Bank will bill and deliver. Berenberg was also a lead bookrunner.
Citigroup, HSBC and UniCredit were joint bookrunners.
The Hamburg, Germany-based container ship company plans to use the proceeds to partially refinance its existing €280 million of senior notes due 2015.
| Issuer: | Hapag-Lloyd AG
|
| Amount | €250 million
|
| Maturity: | Oct. 15, 2019
|
| Securities: | Senior notes
|
| Lead bookrunners: | Deutsche Bank (bill and deliver), Berenberg
|
| Joint bookrunners: | Citigroup, HSBC, UniCredit
|
| Co-managers: | HSH Nordbank, MM Warburg
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | 735 bps
|
| Call protection: | Two years
|
| Trade date: | Nov. 20
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% area
|
| Marketing: | Quick to market
|
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