Danaos Corporation Announces Pricing of Senior Notes Offering
February 04 2021 - 4:30PM
Business Wire
Not for Distribution to Any Person Located or Resident in Any
Jurisdiction Where It Is Unlawful to Distribute This
Announcement
Danaos Corporation (the “Company”) (NYSE:DAC) announced today
the pricing of its offering of $300 million of 8.500% senior
unsecured notes due 2028. The notes are being offered and sold in a
private offering exempt from the registration requirements under
the U.S. Securities Act of 1933, as amended (the "Securities Act").
The Company intends to use the net proceeds from the offering,
together with a new $815 million senior secured credit facility and
a new $135 million sale leaseback arrangement, to implement a $1.25
billion refinancing of a substantial majority of its outstanding
senior secured indebtedness. The offering is expected to close on
or about February 11, 2021, subject to customary closing
conditions.
This announcement is not an offer for sale or a recommendation
or solicitation to buy or sell any securities, nor shall there be
any offer, solicitation, or sale of any securities in any
jurisdiction in which such offer, solicitation, or sale would be
unlawful. The notes will not be registered under the Securities Act
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements of the Securities Act and applicable state securities
laws.
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of
modern, large-size containerships. Our current fleet of 65
containerships aggregating 403,793 TEUs, including five vessels
owned by Gemini Shipholdings Corporation, a joint venture, ranks
Danaos among the largest containership charter owners in the world
based on total TEU capacity. Our fleet is chartered to many of the
world’s largest liner companies on fixed-rate charters. Danaos
Corporation’s shares trade on the New York Stock Exchange under the
symbol “DAC”.
Forward-Looking
Statements
Matters discussed in this release may constitute forward-looking
statements within the meaning of the safe harbor provisions of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements reflect
the current views of Danaos Corporation (including subsidiaries
unless indicated or the context requires otherwise, the “Company,”
“we,” “us,” and “our”) with respect to future events and financial
performance and may include statements concerning our operations,
cash flows, financial position, including with respect to vessel
and other asset values, plans, objectives, goals, strategies,
future events, performance or business prospects, changes and
trends in our business and the markets in which we operate, and
underlying assumptions and other statements, which are other than
statements of historical facts. The forward-looking statements in
this release are based upon various assumptions. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the impact of the novel
coronavirus 2019 (“COVID-19”) pandemic and efforts throughout the
world to contain its spread, including effects on global economic
activity, demand for seaborne transportation of containerized
cargo, the ability and willingness of charterers to fulfill their
obligations to us, charter rates for containerships, shipyards
performing scrubber installations, drydocking and repairs, changing
vessel crews and availability of financing, the effects of the
refinancing transactions in 2018, the effects of the contemplated
upcoming refinancing transactions, the Company’s ability to achieve
the expected benefits of its refinancing transactions and comply
with the terms of its credit facilities and other agreements
entered into in connection with the such refinancings, the strength
of world economies and currencies, general market conditions,
including changes in charter hire rates and vessel values, charter
counterparty performance, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled
drydocking, changes in our operating expenses, including bunker
prices, dry-docking and insurance costs, ability to obtain
financing and comply with covenants in our financing arrangements,
actions taken by regulatory authorities, potential liability from
pending or future litigation, domestic and international political
conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed
by Danaos Corporation with the U.S. Securities and Exchange
Commission.
The forward-looking statements and information contained in this
announcement are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20210204005979/en/
Company: Evangelos Chatzis Chief Financial Officer Danaos
Corporation Athens, Greece +30 210 419 6480 cfo@danaos.com
Iraklis Prokopakis Senior Vice President and Chief
Operating Officer Danaos Corporation Athens, Greece +30 210 419
6400 coo@danaos.com
Investor Relations and Financial Media Rose & Company
New York 212-359-2228 danaos@rosecoglobal.com
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