Matson closes $200 million 3.14% 15-year notes; Sound Energy issues €28.8 million 5% bonds

By Angela McDaniels

Tacoma, Wash., Sept. 14 – Matson, Inc. closed a $200 million issue of 3.14% 15-year senior notes, which have a weighted average life of about 8.5 years.

As previously reported, the company entered into a private placement commitment letter for the notes on July 18.

Proceeds will be used to pay down the company’s $400 million revolving credit facility and for general corporate purposes.

Matson is a Honolulu-based operator of ships in the Pacific.

Sound Energy plc issued €28.8 million principal amount of 5% five-year bonds to Greenberry plc and other investors in a private placement.

The bonds were issued at a 32% discount to par and will be secured by the shares of the company’s subsidiary that holds its Italian assets, Sound Energy Holdings Italy Ltd.

As part of the placement, the company also issued to Greenberry 70,312,500 five-year warrants with an exercise price of 30p per ordinary share.

The placement involved a total cash fee of €1.1 million.

The proceeds of the placement will be used to repay in full at a 50% discount to par the €7 million Nervesa reserve-based lending facility due November 2016, to repay in full at par the £7 million corporate loan from Greenberry due July 2017 and to pursue the company’s growth strategy.

Sound Energy is an oil and gas exploration and production company based in Sevenoaks, England.

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