CP Ships to redeem remaining 10 3/8% notes due 2012 on Dec. 13

By Ted A. Knutson

Washington, Nov. 21 - CP Ships Ltd. said it will redeem the remaining $200 million in principal of its outstanding 10 3/8% senior notes due 2012 on Dec. 13.

The notes were originally issued on June 27, 2002.

The notes will be redeemed at the redemption price equal to 100% of the principal amount plus the applicable redemption premium and together with accrued and unpaid interest to but excluding the redemption date. The redemption premium is the greater of 1% of the principal or the cash flows assuming it was redeemed on July 15, 2007, discounted at Treasuries plus 50 basis points.

The announcement was made by the West Sussex, U.K.-based shipping company in a 6-K filing with the Securities and Exchange Commission.

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