Germany’s Hapag-Lloyd to sell €300 million seven-year bonds

By Paul A. Harris

Portland, Ore., July 3 – Hapag-Lloyd AG expects to price a €300 million offering of seven-year senior notes (expected ratings Caa1/B-) on Tuesday, according a market source.

No price talk was available on the Rule 144A and Regulation S for life deal which is expected to garner a significant audience among German retail accounts, the source added.

Global coordinator Deutsche Bank will bill and deliver. Berenberg and Credit Suisse are also global coordinators.

Credit Agricole CIB, HSH Nordbank and MM Warburg & Co. are the joint bookrunners.

The notes will come with three of call protection.

The Hamburg, Germany-based container ship company plans to use the proceeds to fund the early redemption of its euro-denominated notes due in 2018 and the early partial redemption of its euro-denominated notes due in 2019.

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