“CPLP SHIPPING HOLDINGS PLC” (the “Issuer”), a member of the Capital Product Partners LP group, announced that after the approval of the relevant Prospectus by the Capital Market Commission on July 14, 2022, it is proceeding with the issuance of a Joint Bond Loan (“COD”) , of up to 100 million euros and a duration of seven years, through a Public Offer to the investment public in Greece.
The start of the Public Offer is set for July 20 with a closing date of July 22, 2022.
The KOD is issued under the guarantee of CAPITAL PRODUCT PARTNERS LP (the “Guarantor”).
CPLP’s state-of-the-art fleet numbers 19 vessels and with the implementation of the $597.5 million development program between October 2022 and May 2023, the fleet is expected to reach 23 vessels consisting of 7 latest generation LNG carriers ( ‘LNG’), 15 container ships and 1 dry cargo ship.
The investment program of the Guarantor group is aimed at the continuous renewal and strengthening of its fleet, as well as its establishment in the international LNG marine transport market, a high-growth market with positive long-term fundamentals, as liquefied natural gas is expected to play a key role in the energy transition of the planet to net zero emissions and in the energy independence of Europe.
Capital Product Partners LP group’s latest generation LNG carriers distribute liquefied natural gas between 26 countries around the world.
The Guarantor counts 15 years of successful presence on the NASDAQ stock exchange in New York.
The Guarantor Group has up to $2.1 billion in underwritten revenue and remaining time charters of up to 10.1 years.
The aim of issuing the KOD, by the Issuer, is to issue up to one hundred thousand (100,000) anonymous, intangible and common bonds with a minimum subscription amount of Euro1,000. The bonds, with a nominal value of 1,000 euros each, will have a total duration of seven years, with the possibility of early repayment of part or all of the KOD, after the 2nd year has passed and at the end of each interest period.
The Issuance of the Joint Debenture will enable the Capital Product Partners LP Group to continue investing in its strategic transition to green shipping, strengthening its fleet and dynamically increasing its footprint in the international shipping market.
Commenting on the announcement, the CEO of Capital Product Partners LP, Jerry Kalogiratos, said: “CPLP is on a dynamic course of investing in a latest generation, low environmental footprint fleet for both LNG transportation and container ships. We are moving forward to re- issuance of bonds on the Greek Capital Market and we are strengthening our development investment program to reduce the environmental footprint of our fleet, while contributing to the energy security of Greece and Europe”.
Market – target for bonds
The Co-ordinating Main Underwriters, namely “PIRAEUS BANK”, “ALPHA BANK SA” and “Euroxx Securities A.E.P.E.Y.”, announced that they have evaluated the potential target market of the Bonds as follows :
– The potential target market of the Bonds includes: private clients, professional clients and eligible counterparties, as defined in Law 4514/2018, as applicable, with at least basic knowledge and experience in investment products and services, limited possibility of suffering losses on the of invested capital, low risk tolerance, with an appropriate investment time horizon of up to seven (7) years, that is, until the contractual maturity of the Bonds or earlier in the event of their early repayment by the Issuer (call option) and the investment objective is to maintain the invested capital or income or portfolio diversification and/or capital growth.
– All distribution channels of the Bonds, (ie, investment service providing investment advice, portfolio management, order receipt/transmission and order execution), are considered suitable for customers of the potential target market.
Source: Capital
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