AmericasContainersFinance and Insurance

Matson sells $200m of its debt in private placement

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.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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