Containerships raises EUR 45 million in bond issue

Containerships raises EUR 45 million in bond issue

Containerships said it has placed a EUR 45 million senior secured bond loan.

The bonds, maturing on 2 April 2019, will bear a floating coupon of 3 months Euribor + 7.50% (paid quarterly) and the terms include no maintenance covenants or amortizations, the company said in a statement.

The proceeds from the bond issue will partially finance the acquisition of two new container vessels enabling Containerships to extend its investment programme up to six identical LNG-fuelled vessels. The new vessels will be constructed in China and the purchase is well in line with Containerships’ previously revealed strategy to adapt its fleet and operations to new legislation on sulphur emissions and to become the first shortsea container operator in Europe to run ships on LNG. Listing of the bonds on NASDAQ OMX Helsinki will take place within 1 year after settlement.

Altogether, approximately 50 investors, primarily institutional, participated in the issue.

“It is important to emphasise that in order to meet future regulations, most competitors on the market will use alternative solutions, such as marine gas oil with decreased sulphur content. These options do not require the same level of investment as the solution Containerships has chosen. By securing the financing for the purchase of two new LNG-driven vessels, Containerships may now materialize this strategy,” said Kari-Pekka Laaksonen, CEO of Containerships.

Pareto Securities Oy acted as Sole Bookrunner in connection with the bond issue.

Image: Containerships

Share this article

Follow LNG World News


<< Oct 2019 >>
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

LNG Bunkering Mediterrean

The only 3-day course offering theoretical and practical training on LNG bunkering designed by the Mediterranean market leaders.   

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >