Hapag Lloyd redeems its debts
The Hamburg (Germany)-based carrier Hapag-Lloyd has decided to fully redeem the outstanding EUR 280 million in aggregate principal amount of its outstanding 6.75% senior note due 2022 on 24 June 2019 at a fixed redemption price of 103.375%.
The redemption will be done predominantly from available cash. EUR 100 million of the EUR 280 million will be paid from a drawdown of a CDS-based credit facility.
“The complete repayment of this senior note ahead of maturity is a clear step forward towards further deleveraging and optimising our company’s capital structure. We are making good progress in our efforts to achieve our leverage target and the reduction of cost of debt, which continues to be an essential part of our strategic agenda,” said Nicolás Burr, CFO of Hapag-Lloyd. (kd)