Matson said it completed a private sale of $200m in debt, with the proceeds aimed at paying down the company’s revolving credit facility and paying for its fleet renewal.
The Jones Act conro owner said the 15-year, senior unsecured notes carry a 3.14% coupon paid semi-annually.
Joel Wine, Matson's chief financial officer, said: "We are pleased to complete this attractive fixed rate financing that will pay down our revolving credit facility and strengthen our balance sheet as we progress with our four vessel Hawaii fleet renewal program.”
Wine added that the construction of the ships will be paid for through the company’s ongoing cash flow, available capacity under its $400m revolving credit facility, and additional debt financings, which could include Title XI US Government guaranteed vessel finance bonds.
