Singapore’s Neptune Orient Lines ups coupons of 2017, 2019 notes

By Marisa Wong

Morgantown, W.Va., July 21 – Neptune Orient Lines Ltd. announced adjustments to the interest rates of its S$400 million 4¼% notes due 2017 and S$300 million 4.4% notes due 2019.

The coupon on the 2017 notes will be increased to 5¾%, effective Oct. 26, and the coupon on the 2019 notes will be increased to 5.9%, effective Nov. 8.

The adjustments were made in connection with a change of control that occurred on June 9, according to a notice. CMA CGM SA made a takeover offer for Neptune Orient Lines, which triggered a change of control under the notes.

Neptune Orient Lines said it does not intend to redeem the 2017 notes or the 2019 notes in connection with the change of control. Instead, the issuer raised the interest rates.

The Singapore-based container shipping and logistics services company issued the 2017 notes in April 2012 and the 2019 notes in November 2012.

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