MPC Container Ships Secures Funds for More Vessels

  • Business & Finance

Norway-based owner of container vessels MPC Container Ships has taken a step toward more acquisitions as it completed the issuance of a new senior secured bond issue.

MPC Container Ships Invest, a wholly owned subsidiary of the company, completed the bond issue of USD 100 million. It has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million.

The company informed that the net proceeds from the bond issue will be used to finance acquisitions of additional container vessels and for general corporate purposes.

MPC Container Ships added that the bond issue received strong demand and was oversubscribed.

DNB Markets and Fearnley Securities acted as joint lead managers for the bond issue.

Formed in April 2017, the company currently has a fleet of 20 vessels, 14 of which are already operated by the MPC Container Ships.

In late August, the container carrier acquired six vessels in a portfolio transaction from various owners. The purchase comprised five 1,300 TEU vessels and one 2,700 TEU vessel which will join their new owner by the end of September 2017.

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