By Paul A. Harris
Portland, Ore., Feb. 7 – Hapag-Lloyd AG priced an upsized €200 million add-on to its 6¾% senior notes due Feb. 1, 2022 (Caa1/B-) at 102.375 to yield 6.19% on Tuesday, according to market sources.
The add-on size was increased from €150 million.
The reoffer price came at the rich end of price talk in the 102.25 area.
Joint global coordinator Berenberg Bank will bill and deliver. Deutsche Bank and Credit Suisse were also joint global coordinators.
HSH Nordbank, ING and M.M.Warburg & Co. were joint bookrunners.
The Hamburg, Germany-based container shipping company plans to use the proceeds to partially redeem its euro-denominated 7¾% senior notes due 2018 and for general corporate purposes, including debt refinancing.
| Issuer: | Hapag-Lloyd AG
|
| Amount: | €200 million, increased from €150 million
|
| Maturity: | Feb. 1, 2022
|
| Security description: | Add-on to 6¾% senior notes due Feb. 1, 2022
|
| Global coordinators: | Berenberg (bill and deliver) Deutsche Bank, Credit Suisse
|
| Joint bookrunners: | HSH Nordbank, ING, M.M.Warburg & Co.
|
| Coupon: | 6¾%
|
| Price: | 102.375
|
| Yield: | 6.19%
|
| First call date: | Feb. 1, 2019
|
| Trade date: | Feb. 7
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Price talk: | 102.25 area
|
| Original issue: | €250 million priced at par on Jan. 18, 2017
|
| Total issue size: | €450 million
|
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