Wednesday, February 1, 2023
spot_img
HomeEditor’s PicksCPLP Announces Pricing of €150 Million Unsecured Bonds

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

CPLP Announces Pricing of €150 Million Unsecured Bonds

Capital Product Partners L.P., an international owner of ocean-going vessels, announced that its wholly owned subsidiary, CPLP Shipping Holdings PLC, has successfully priced its previously announced offering of €150 million of unsecured bonds in Greece.

The Bonds will be guaranteed by CPLP. The Bonds will mature in 2026 and will have a coupon of 2.65%, payable semi-annually. The offering is subject to customary closing conditions, and settlement is expected to occur on October 22, 2021. The trading of the Bonds on the Athens Exchange is expected to commence on October 25, 2021.

The net proceeds of the offering are intended to be used to partly finance the acquisition of three X-DF LNG sister vessels, which the Partnership has the option to acquire, granted in connection with the acquisition of another three X-DF LNG carriers, as announced on August 31, 2021 (the “Optional Vessels”). The Optional Vessels are expected to be acquired at an average price of $207.7 million per vessel with aggregate contracted revenues of approximately $429.0 million and an average aggregate daily rate of approximately $70,650 per day. The Optional Vessels are all built in 2021 and are chartered to BP Gas Marketing Limited (“BP”), Cheniere Marketing International LLP and Engie Energy Marketing Singapore Pte Ltd with a remaining charter duration of 6.3 years, which includes in the case of the BP time charter the first two optional periods.

Mr. Jerry Kalogiratos, Chief Executive Officer of our General Partner, commented:

“We are pleased to announce the closing of our first shipping bond on the Athens Exchange. The successful bond issue further diversifies our Company’s sources of financing and allows us to execute on our business plan with an attractive overall cost of capital. The bond was issued at the low end of the yield range based on exceptionally high demand.”

Related Posts

Video

Finance & Economy
Shipping News
Ports

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Bahri sees profits soar in 2022

Saudi Arabia’s Bahri has seen its profits soar by over 400% in 2022 following a boom in tanker rates, boosting the shipping giant’s oil...

Euronav Files Second Arbitration Against Frontline

Euronav NV hereby informs its shareholders that on 28 January 2023 it has filed an application request for arbitration on the merits in relation...

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

Cyprus shipping making waves – report

Cyprus shipping, the steady driver of the economy, is sailing for better times, having...

Baltic index hits fresh multi-year lows on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls for seventh session on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...