MPC Container Ships raises $100m for vessel acquisitions

The German vessel owner has secured a $10 million bond with a five-year lifespan in order to acquire additional container ships, the company said in a statement.

   MPC Container Ships Invest B.V., a wholly owned subsidiary of Germany-based MPC Container Ships AS, announced the completion of the issuance of a new senior secured bond of $100 million last week.
   According to the company, the bond issue has a 5 year lifespan and carries a floating interest rate of $3 million LIBOR (London Interbank Offered Rate) plus 4.75 percent, with a borrowing limit of $200 million, the company said.
   The bond, managed by DNB Markets and Fearnley Securities, received “strong demand and was oversubscribed,” according to the company.
   The net proceeds from the bond issue will be used to purchase additional container vessels and for general corporate purposes.
   MPC Container Ships currently owns 20 containerships and continues to expand its fleet at a rapid pace.