Hapag-Lloyd gives details, price talk for five-year senior notes

By Paul A. Harris

St. Louis, Sept. 30 - German container shipping firm Hapag-Lloyd AG provided details and price talk on its multi-currency offering of five-year senior notes (B3/B/) on Thursday, according to a market source.

The deal is expected to include €250 million to €300 million of euro-denominated notes, talked with a 9¼% area yield, and $250 million to $300 million of dollar-denominated notes, talked with a 9¾% to 10% yield.

The order books were expected to close on Thursday, the source said.

Deutsche Bank, Citigroup, Credit Suisse, Goldman Sachs, JPMorgan and UniCredit are managing the Rule 144A and Regulation S transaction.

The notes come with three years of call protection.

Proceeds will be used to repay debt.

The Hamburg, Germany-based firm is a unit of TUI AG.

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