Israel’s ZIM Integrated Shipping to redeem $11.77 million of notes

New York, Sept. 29 – ZIM Integrated Shipping Services Ltd. said it will redeem a total of $11.77 million of its notes using proceeds from the sale of a minority stake in a company that operates a terminal in northern Europe.

The transaction raised €21.09 million. Under the terms of the notes, 50% of the proceeds must be used to redeem the series 1A notes and series 1B notes.

ZIM announced that the repayment will occur on Dec. 20, with a delay until Dec. 21 that will not result in additional interest being paid because Dec. 20 is not a business day.

The company will redeem $11,635,921 of the series 1A notes, or 3.2% of the outstanding amount, leaving $355,675,658 remaining.

ZIM will also redeem $135,215 of the series 1B notes, or 3.2% of the total outstanding, leaving $4,133,113.

ZIM is a Haifa, Israel-based operator of container ships.

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