Danaos To Price Upsized Private Offering Of Up To $500 Mln Senior Notes

(RTTNews) - Danaos Corp.(DAC), a shipping and logistics company, Monday reported that it plans to price upsized private offering of $500 million of senior notes due in 2032.

Danaos intends to use the net proceeds from the offering for various purposes. The company aims to pay off the $262.8 million of 8.500% Senior Notes due in 2028 around March 1, 2026. It will repay $130 million owed under the BNP Paribas/Credit Agricole Secured Credit Facility on December 1 and on the same date, it will also repay $55.25 million under the Alpha Bank Secured Credit Facility.

In the premarket trade today, DAC's shares were trading 2.88 percent or 2.56 cents higher at $91.39. On Friday, the stock had closed 0.42 percent or 2.56 cents higher at $88.83 on the New York Stock Exchange.