CP Releases Note Pricing Details

Thursday, February 19, 2004
CP Ships Limited reached agreement with initial purchasers to issue $175 million of 4% convertible senior subordinated notes due 2024. CP Ships has also offered the initial purchasers the option to buy up to an additional $25 million aggregate principal amount of notes exercisable within 30 days from Feb. 19, 2004. The notes will be convertible into CP Ships’ common shares under certain specified conditions. CP Ships may call the notes for cash at any time after July 3, 2009. Holders of notes may put the notes to CP Ships in exchange for cash on June 30, 2009, June 30, 2014 and June 30, 2019. The notes will be convertible into CP Ships’ common shares at an initial conversion price of approximately $25.22 per share, a premium of 35% above the closing price of CP Ships' common shares on the New York Stock Exchange on February 18, 2004. CP Ships intends to use the net proceeds of the offering to reduce borrowings under two secured revolving credit facilities which may, subject to availability under such facilities, subsequently be redrawn for general corporate purposes. The notes are only being offered to qualified institutional buyers in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States, or to or for the benefit of U.S. persons, absent registration or an applicable exemption from registration requirements. This press release is being issued in accordance with Rule 135c under the Securities Act. The notes have not been qualified by a prospectus filed in Canada, and are only being offered in certain provinces in Canada pursuant to an exemption from the requirement to file a prospectus in the province in which such offer is made.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


DP World, SCA Pact for Ain Sokhna Port Development

Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport,

Canada to Aid Developing Nations Fight Climate Change

Canada will provide aid to developing countries to combat climate change, Prime Minister Justin Trudeau announced on Friday ahead of talks on global warming,

Gates to Launch Mega Clean Tech Initiative

Microsoft co-founder Bill Gates will launch a multi-billion-dollar clean energy research and development initiative on Monday, the opening day of the U.N. climate change summit in Paris,

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0555 sec (18 req/sec)