Matson has issued $200m in five-year final maturity senior unsecured notes to The Prudential Insurance Company of America and other purchasers.
The parties signed an amended and restated private placement note purchase agreement for the Series D notes, the proceeds from which will be used to pay down the American carrier’s revolving credit facility and for general corporate purposes.
The notes themselves have a weighted average life of approximately 8.5 years and bear interest at a rate of 3.14%, payable semi-annually, Matson said. The securities will begin to amortise in March 2019.
The amended agreement also includes an uncommitted shelf facility through which Matson said it may issue additional notes, subject to certain conditions.
In addition to the Series D notes, a total principal amount of around $184.3m in Matson’s existing Series B and C senior unsecured notes is currently outstanding.
The new document amends and restates Matson’s second amended and restated note agreement dated June 4, 2012.
