01 Desember 2014

[011214.EN.SEA] Hapag-Lloyd to Issue US$311 Million Bond Via Luxembourg

GERMAN shipping line Hapag-Lloyd has placed a bond worth EUR250 million (US$311 million) with institutional investors. Proceeds will be used for early redemption of the existing senior notes due next year.

Moody's has offered a provisional grading of Caa1 with negative outlook, which is a speculative grade judged to represent "high credit risk."

The carrier posted a US$63 million loss for the third quarter and revised its forecast downwards for the current year.

To be listed on the Luxembourg stock exchange, the bond has with a maturity of five years and a coupon of 7.5 per cent. The issue price was 100 per cent.

The interest rate compares favourably to the nine per cent Hapag-Lloyd paid for its 2010 issue and even the 7.75 per cent it paid for a 2013 tranche, Lloyd's List reported.

The offering was supported by Deutsche Bank and Berenberg as joint lead managers and bookrunners, as well as by Citigroup, HSBC and UniCredit Bank as joint bookrunners. Co-managers were HSH Nordbank and MM Warburg & Co.

Source : HKSG.

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