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Matson raises US$200 million in bond sale to finance fleet renewal
JONES Act carrier Matson has issued US$200 million in privately placed 15-year final maturity senior unsecured notes with a weighted average life of 8.5 years and bear interest at 3.14 per cent, payable semi-annually.
Proceeds of the bond sale designed as a revolving credit facility is to finance the Hawaiian company's fleet renewal programme, reported New York's Marine Log. The two LNG ready ConRo ships are latest additions to Matson newbuilding programme.
The two 850-foot long, 3,600-TEU Aloha Class containerships are under construction at Philly Shipyard and last month the company ordered two 870-foot long, 3,500-TEU, LNG-ready, Kanaloa Class conro ships at shipbuilder General Dynamics NASSCO.
"We expect to fund the construction of these vessels primarily through the strong cash flows generated by our core businesses, available capacity under our $400 million revolving credit facility, and additional debt financings, which could include Title XI US Government guaranteed vessel finance bonds," said Matson chief financial officer and company vice president Joel Wine.
Proceeds of the bond sale designed as a revolving credit facility is to finance the Hawaiian company's fleet renewal programme, reported New York's Marine Log. The two LNG ready ConRo ships are latest additions to Matson newbuilding programme.
The two 850-foot long, 3,600-TEU Aloha Class containerships are under construction at Philly Shipyard and last month the company ordered two 870-foot long, 3,500-TEU, LNG-ready, Kanaloa Class conro ships at shipbuilder General Dynamics NASSCO.
"We expect to fund the construction of these vessels primarily through the strong cash flows generated by our core businesses, available capacity under our $400 million revolving credit facility, and additional debt financings, which could include Title XI US Government guaranteed vessel finance bonds," said Matson chief financial officer and company vice president Joel Wine.
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