Hapag-Lloyd talks upsized €250 million five-year notes at 7% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., Jan. 18 – Hapag-Lloyd AG talked an upsized €250 million offering of five-year senior notes (Caa1/B-) to yield in the 7% area, according to a market source.

The deal, upsized from €150 million, is set to price Wednesday.

Berenberg, Deutsche Bank and Credit Suisse are the joint global coordinators.

HSH Nordbank, ING and M.M.Warburg & Co. are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The Hamburg, Germany-based container shipping company plans to use the proceeds to fund the early redemption of its dollar-denominated notes issued in 2010 and for general corporate purposes, including further repayment of debt.

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