By Paul A. Harris
Portland, Ore., Jan. 18 – Hapag-Lloyd AG priced an upsized €250 million issue of five-year senior notes (Caa1/B-) at par to yield 6¾% on Wednesday, according to a market source.
The deal size was increased from €150 million.
The yield printed 12.5 basis points inside of yield talk in the 7% area.
Berenberg, Deutsche Bank and Credit Suisse were the joint global coordinators.
HSH Nordbank, ING and M.M.Warburg & Co. were the joint bookrunners.
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.
| Issuer: | Hapag-Lloyd AG
|
| Amount: | €250 million, increased from €150 million
|
| Tenor: | Five years
|
| Securities: | Senior notes
|
| Joint global coordinators: | Berenberg, Deutsche Bank, Credit Suisse
|
| Joint bookrunners: | HSH Nordbank, ING, M.M.Warburg & Co.
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Call protection: | Two years
|
| Equity clawback: | 40% at 106.75 for two years
|
| Trade date: | Jan. 18
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
