The US-listed shipowner said the notes will have a weighted average life of about 13 years and will bear interest at a rate of 3.92%, payable semi-annually.
The proceeds from the private placement will be used for general corporate purposes, which may include paying down the company’s revolving credit facility.
“This financing strengthens our balance sheet and, combined with the significant cash flow generated by our core businesses, provides ample liquidity to execute our new vessel construction program, pay down debt, and return capital to shareholders,” said Matson chief financial officer Joel Wine.
