Pareto advises Containerships Ltd Oy on their successful placement of a EUR 45 million four-year senior secured bond
Pareto Securities Oy has advised Containerships Ltd Oy (“ Containerships ”), a Finnish logistics group offering sea and land-based container transportation, on their successful placement of a four-year EUR 45 million senior secured bond. The proceeds from the bond issue will be allocated towards investments in containers, trucks and trailers, refinancing of existing debt, and to partially finance the acquisition of two new LNG-fuelled container vessels as part of the group’s ambition to be the first short-sea operator in Europe to utilise LNG-fuelled vessels
The bonds, maturing in April 2019, will bear a floating coupon of 3 months Euribor + 7.50% (paid quarterly) and the terms include neither maintenance covenants nor amortisations. Listing of the bonds on NASDAQ OMX Helsinki will take place within 1 year of settlement.
The transaction was well received by the market, as evidenced by strong demand for the bonds with significant participation from non-Nordic investors. Approximately 50 investors, primarily institutional, participated in the issue.
“We are pleased to secure financing for this important investment programme for Containerships. Our strategy is to stay well ahead of the curve when it comes to environmental regulations and to be a pioneer in eco-friendly shipping while continuing to offer customers the best value for money. By securing the financing for the purchase of two new LNG-driven vessels, Containerships is now executing on this strategy” says Kari-Pekka Laaksonen, CEO of Containerships.
For more information please contact Ville Takala, CEO Pareto Securities Oy: +358 9 8866 6023
Pareto Securities Oy is part of the Pareto Securities group. Pareto Securities Oy is an independent Finnish investment bank focused on the Nordic market. Pareto Securities Oy offers Finnish and foreign institutions, companies and private individuals investment services related to trading in stocks, derivatives and fixed income instruments, equity research and advisory services within corporate finance. The Pareto Securities group has a total of more than 350 employees, with its headquarters in Oslo and offices in Sweden (Stockholm and Malmö), Norway, Denmark, Finland, United Kingdom, France, USA, Canada, Singapore, Australia and Brazil.