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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