German container line Hapag-Lloyd has decided to use cash arising from its merger with Middle East subsidiary UASC to redeem part of a bond issue early.
The partial buyback amounts to EUR 170m ($195m) of its EUR 450m, 6.75% senior notes due 2022.
The deal will take place on 11 February at a price of 103.375%.
Of the money, $152m will come from the settlement of a receivable dating from its 2017 merger with UASC.
Hapag-Lloyd has been contacted for further comment.
