CP SHIPS PLANS SENIOR NOTES, PUBLIC SHARE OFFERINGS

CP SHIPS PLANS SENIOR NOTES, PUBLIC SHARE OFFERINGS    CP Ships Ltd. said Friday it plans to offer 8.5 million of its common shares on the New York and Toronto stock exchanges at a price of Can $15 ($9.93) per common share at closing on July 3.
   The London-based company has also prices a private placement of $200 million in unsecured senior notes due 2012. The notes are to be sold at 97.722 percent of the principal amount and will carry a coupon of 10.375 percent, CP Ships said.
   Proceeds from the common share and senior notes offerings are to be used to acquire the container shipping company Italia di Navigazione, purchase four ice-strengthened ships currently under bareboat charter, and reduce borrowings under a $175-million revolving credit facility.
   CP Ships announced an agreement to the purchase of Italia di Navigazione in May, pending regulatory approval.
   Morgan Stanley and Salomon Smith Barney are joint lead managers and RBC Capital Markets is co-manager for the public share offering.
   CP Ships offers international container transportation services in the transatlantic, Australasia, Latin America and Pacific trades through its brands: ANZDL, Canada Maritime, Cast, Contship Containerlines, Lykes Lines and TMM Lines.