Network restructuring cascading larger vessels onto Intra-Europe trades
Container lines are increasingly deploying larger vessels on intra-Europe routes, with the number of ships ...
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Hapag-Lloyd, a leading global container shipping company, today launched a euro bond offering with a volume of €150m and a maturity of five years. Part of the proceeds, initially amounting to around €47m, will be used for the early redemption of US dollar notes due this autumn. The US dollar notes originally had a volume of $250m, half of which was repaid in 2015. The remaining proceeds of the new euro bond will be used for general corporate purposes (including further repayment of existing indebtedness).
Hapag-Lloyd generated a positive net result in the third quarter of 2016 and EBITDA of €381.3m in the first nine months of 2016.
The new euro bond will be listed on the Luxembourg Stock Exchange. All of Hapag-Lloyd AG’s existing bonds are quoted above par. The company’s shares, which were listed on the stock exchange in November 2015, are also quoted higher than its issue price.
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