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Hapag-Lloyd talks upsized €200 million tap of 6¾% notes due 2022 at 102.25 area; pricing Tuesday
By Paul A. Harris
Portland, Ore., Feb. 7 – Hapag-Lloyd AG talked an upsized €200 million add-on to its 6¾% senior notes due Feb. 1, 2022 (Caa1/B-) in the 102.25 area, according to a market source.
The deal, which is upsized from €150 million, is set to price on Tuesday.
Joint global coordinator Berenberg will bill and deliver. Deutsche Bank and Credit Suisse are also joint global coordinators.
HSH Nordbank, ING and M.M.Warburg & Co. are joint bookrunners.
The notes are non-callable before Feb. 1, 2019.
The Hamburg, Germany-based container shipping company plans to use the proceeds to partially redeem its euro-denominated 7¾% senior notes due 2018 and for general corporate purposes, including debt refinancing.
The original €250 million issue priced at par on Jan. 18.
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