Danaos Completes Comprehensive Financing Plan

Wednesday, April 06, 2011

Danaos Corporation (NYSE: DAC), international owner of containerships, announced the formal completion of its previously announced Comprehensive Financing Plan, which fully funds Danaos’s current newbuilding program, comprised of 13 additional containerships aggregating 129,250 TEUs with scheduled deliveries up to mid 2012. The Plan provides for new financing of $818 million including $203 million from an Export-Import Bank of China led consortium, $190 million of vendor finance and $425 million from a consortium comprising of 14 of its existing bank lenders. Repayment schedules, interest rate margin and covenants have been reset and harmonized with this new structure and provide a competitive and solid financing package until end of 2018. 

 
As a result of the completion of these financing arrangements, the exercise price of the 15 million warrants the Company has agreed to issue to its lenders, of which 11.2 million were issued on March 17, 2011, has increased from $6.00 per share to $7.00 per share. 
 
Danaos’ CEO, Dr. John Coustas, stated: “After a long period of negotiations Danaos is now back on track to continue with its growth strategy. What made this outcome possible was the commitment of the management and the faith that our lenders and partners have shown on us. On another hand the strength of the container market combined with strong fundamentals further solidify our position. 
 
“Now that we can leave all that behind we will continue to serve our customers in the best possible way and continue to provide them with first class service which is the cornerstone of our success. 
 
“At the same time our strategy will center on delivering superior returns to our shareholders and grow accretively for their benefit. I would like finally to thank Evercore Partners for their valuable advice throughout this process.”
 
 
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

Exxon, Rosneft May Halt Arctic Operations

Russia's natural resources minister said on Friday that it was highly likely that U.S. oil major Exxon Mobil Corp and its Russian counterpart Rosneft had halted

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1768 sec (6 req/sec)