HAIFA, Israel, April 22, 2021 /PRNewswire/ -- ZIM
Integrated Shipping Services Ltd. (NYSE: ZIM), a global
container liner shipping company, announced today that it intends
to perform a mandatory excess cash redemption of 100% of its Series
1 and 100% Series 2 unsecured notes due 2023 (together, the
"Notes") at an aggregate amount of $351.6
million, including accrued interest and accumulated PIK
interest, in accordance with the terms of the indenture governing
the Notes (the "Indenture").
Eli Glickman, ZIM President
& CEO, stated, "We are pleased to redeem the entire
$349 million principal amount
outstanding on our Series 1 and 2 Notes. ZIM's success in achieving
this important milestone, earlier than expected and earlier than
the stated maturity by two whole years, highlights the benefits of
our global niche strategy and our continued robust cash flow
generation. With significant financial strength and a
differentiated, proven approach, we remain in a strong position to
capitalize on favorable container liner shipping fundamentals for
the benefit of our shareholders."
This early redemption constitutes 100% of the outstanding Notes.
Pursuant to the Indenture, the redemption date is set for
June 21, 2021 (the "Redemption
Date"). Below is the outstanding principal to be redeemed and the
interest payment in U.S. Dollar amount, and the interest payment as
a percentage of the outstanding principal, for each series:
- Series 1A Notes - $215,283,091
outstanding principal and $1,614,623
interest payment (0.75000% on the redeemed outstanding
principal).
- Series 1B Notes - $2,152,415 outstanding principal and $16,143 interest payment (0.75000% on the
redeemed outstanding principal).
- Series 2A Notes - $94,659,143
outstanding principal and $14,854,111
interest payment including accumulated PIK interest (15.69221% on
the redeemed outstanding principal).
- Series 2B Notes - $19,922,812 outstanding principal and
$3,126,329 interest payment including
accumulated PIK interest (15.69221% on the redeemed outstanding
principal).
About ZIM
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is a global,
asset-light container liner shipping company with leadership
positions in the markets where it operates. Founded in Israel in 1945, ZIM is one of the oldest
shipping liners, with over 75 years of experience, providing
customers with innovative seaborne transportation and logistics
services with a reputation for industry leading transit times,
schedule reliability and service excellence. For additional
information, please visit www.zim.com.
Forward Looking Statements
This press release contains, or may be deemed to contain
forward-looking statements (as defined in the U.S. Private
Securities Litigation Reform Act of 1995 and the Israeli Securities
Law, 1968). In some cases, you can identify these statements by
forward-looking words such as "may," "might," "will," "should,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential" or "continue," the negative of these terms and other
comparable terminology. These forward-looking statements, which are
subject to risks, uncertainties and assumptions about the Company,
may include projections of the Company's future financial results,
its anticipated growth strategies and anticipated trends in its
business. These statements are only predictions based on the
Company's current expectations and projections about future events
or results. There are important factors that could cause the
Company's actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause such
differences include, but are not limited to: market changes in
freight, bunker, charter and other rates or prices, new legislation
or regulation affecting the Company's operations, new competition
and changes in the competitive environment, the outcome of legal
proceedings to which the Company is a party, and other risks and
uncertainties detailed from time to time in the Company's filings
with the U.S. Securities and Exchange Commission, including under
the caption "Risk Factors" in its 2020 Annual Report.
Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com
Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com
Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-8652520
shats.avner@zim.com
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SOURCE ZIM Integrated Shipping Services Ltd.