ZIM pays back early
Haifa-based carrier ZIM Integrated Shipping Services is paying dues back earlier than planned, on account of its good results in 2020. The shipping company said that it intends to perform a mandatory excess cash redemption of 100% of its series 1 and 100% of series 2 unsecured notes due in 2023 (together, the 'notes') at an aggregate amount of USD 351.6 million.
Eli Glickman, ZIM president and CEO: “We're pleased to redeem the entire USD 349 million principal amount outstanding on our Series 1 and 2 notes.” ZIM achieves this milestone earlier than expected and earlier than the stated maturity by two whole years. This early redemption constitutes 100% of the outstanding notes. Pursuant to the indenture, the redemption date is set for 21 June 2021. (cd)