Hapag-Lloyd issues calls for €450 million of 7¾% notes, 7½% notes

By Susanna Moon

Chicago, Aug. 23 – Hapag-Lloyd AG issued a redemption notice for its €200 million principal amount of 7¾% senior notes due 2018 and its €250 million principal amount of 7½% senior notes due 2019.

The 7¾% notes will be redeemed on Oct. 1 at par plus €3,272,222.22 of accrued interest to the redemption date for a total cost of €203,272,222.22 plus any additional amounts, according to the company call notice.

Meanwhile, the 7½% notes will be redeemed on Oct. 15 at a price of 101.875% of par plus €9,375,000 of accrued interest to the redemption date for a total cost of €264,062,500 plus any additional amounts, according to a separate notice.

Settlement will occur on Oct. 16 for the 7½% notes and on Oct. 2 for the 7¾% notes.

The record date will be the business day immediately before the redemption date.

The principal paying agent is Deutsche Bank AG, London Branch. The Luxembourg paying agent is Deutsche Bank Luxembourg SA.

The company said on July 3 that it plans to redeem its euro bonds due 2018 and its euro bonds due 2019 in October using proceeds of a new issue.

As reported, Hapag-Lloyd priced an upsized €450 million of seven-year senior notes at par to yield 5 1/8% on July 5, increased from €300 million.

The issuer is a Hamburg, Germany-based container ship company.

© 2015 Prospect News.
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