By Paul A. Harris
Portland, Ore., Jan. 18 – Hapag-Lloyd AG priced an upsized €250 million issue of five-year senior notes (Caa1/B-) at par to yield 6¾% on Wednesday, according to a market source.
The deal size was increased from €150 million.
The yield printed 12.5 basis points inside of yield talk in the 7% area.
Berenberg, Deutsche Bank and Credit Suisse were the joint global coordinators.
HSH Nordbank, ING and M.M.Warburg & Co. were the joint bookrunners.
The Hamburg, Germany-based container shipping company plans to use the proceeds to fund the early redemption of its dollar-denominated notes issued in 2010 and for general corporate purposes, including further repayment of debt.
Issuer: | Hapag-Lloyd AG
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Amount: | €250 million, increased from €150 million
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Tenor: | Five years
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Securities: | Senior notes
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Joint global coordinators: | Berenberg, Deutsche Bank, Credit Suisse
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Joint bookrunners: | HSH Nordbank, ING, M.M.Warburg & Co.
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Coupon: | 6¾%
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Price: | Par
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Yield: | 6¾%
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Call protection: | Two years
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Equity clawback: | 40% at 106.75 for two years
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Trade date: | Jan. 18
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Ratings: | Moody's: Caa1
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| S&P: B-
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 7% area
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Marketing: | Roadshow
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