Hapag-Lloyd Ups Volume of Euro Bond Offering
Image Courtesy: Hapag-LloydGerman shipping major Hapag-Lloyd has increased the volume of its euro bond offering from EUR 300 million to EUR 450 million due to high demand, the company informed.
The proceeds will be used to redeem Hapag-Lloyd’s existing 7.75% and 7.50% senior euro notes due 2018 and 2019.
The senior notes are issued with a maturity of seven years and a coupon of 5.125%. The emission price was 100%, the company added.
“The successful placement is proof of the confidence Hapag-Lloyd enjoys on the capital markets as one of the world’s leading liner shipping companies,” Nicolás Burr, Chief Financial Officer of Hapag-Lloyd, said.
“Now we can replace two existing notes with significantly more favorable notes, which will lower our interest burden,” Burr added.
The notes will be listed on the Luxembourg Stock Exchange.
