Matson Closes $75mln Debt Private Placement

Matson, Inc., a U.S. carrier in the Pacific, announced today the issuance of $75 million in 30-year final maturity senior unsecured notes pursuant to a previously announced private placement on July 30, 2015. The notes will have a weighted average life of approximately 13 years and will bear interest at a rate of 3.92 percent, payable semiannually.

The proceeds from the private placement of notes will be used for general corporate purposes, which may include paying down the company's revolving credit facility.

Joel Wine, Matson's Senior Vice President and Chief Financial Officer commented, “We are pleased to have closed this private placement transaction. This financing strengthens Matson's balance sheet and, combined with the significant cash flow generated by our core businesses, provides ample liquidity to execute our new vessel construction program, pay down debt and return capital to shareholders.