Capital Product Partners L.P. proceeds to a second Bond Offering within one year

After the first successful bond issue in the Athens Stock Exchange during the last October 2021 Capital Product Partners L.P. proceeds through its wholly owned subsidiary, CPLP Shipping Holdings PLC (the “Issuer”), to a second offering up to €100 million of unsecured bonds which will be admitted to trading in the category of fixed income securities of the Regulated Market of the Athens Exchange. The Bonds will be guaranteed by CPLP.
The net proceeds of the offering are intended to be used for vessel acquisitions, debt repayment and working capital purposes.
Capital Product Partners L.P. (CPLP) is listed in the NASDAQ and currently owns 20 vessels, including six latest generation LNG/Cs, 10 Neo-Panamax container vessels, three Panamax container vessels and one Capesize bulk carrier vessel. This excludes one neo-panamax container vessel that CPLP has agreed to sell and was delivered to its new owner on July 6, 2022, and three 13,000TEU container vessels and one LNG/C that CPLP has agreed to acquire between the third quarter 2022 and the second quarter of 2023.
Νet proceeds from the sale of the unsecured seven-year paper are expected to reach €96.65m.
In a public statement, CPLP chief executive Jerry Kalogiratos said that the company aims to bolster its investment programme to “reduce its fleet’s environmental footprint while at the same time contributing to the energy security of Greece and Europe”.
US-listed CPLP has been busy expanding into LNG carriers, of which it owns six latest-generation vessels.
The offer for CPLP’s new bonds will run from July 20 and 22, arranged by Greece’s Piraeus Bank, Alpha Bank and Euroxx Securities.
CPLP said it will not go ahead with the deal if it fails to raise more than €80m. In case of success, the bonds will trade on the Athens Stock Exchange.
CPLP bonds are already trading there after a successful first issue of such paper in October 2021, when the company sold €150m worth of unsecured five-year paper.
The October issue, which pays a coupon of 2.65%, helped fund CPLP’s acquisition of a trio of 174,000-cbm newbuildings that doubled the size of its LNG fleet.


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