Danaos sets initial talk on $300 million seven-year notes at 8¾%-9%

By Paul A. Harris

Portland, Ore., Feb. 3 – Danaos Corp. set initial price talk for its $300 million offering of seven-year senior notes at 8¾% to 9%, according to market sources.

Citigroup and DNB are leading the non-registered offering.

The notes come with three years of call protection.

The Athens-based containership company plans to use the proceeds together with a new $815 million senior secured credit facility and a new $135 million sale leaseback arrangement, to implement a $1.25 billion refinancing of a substantial majority of its outstanding senior secured debt.

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