MPC Container Ships ASA (MPCC) announced yesterday that it has entered into agreements with Triton Debt Opportunities S.C.A. and its subsidiary Victoria Schulte Shipping Ltd. regarding the acquisition of MV Victoria Schulte, a geared 2,500 TEU vessel built in 2005 at Aker MTW Werft, Germany (tbr "AS Paola"). The deal has been structured as a combined cash and share deal. MPCC will pay a total consideration of USD 11,800,000 and may at its discretion settle up to USD 2,990,000 of this amount by way of delivering new common shares in MPCC.
Additionally, MPCC has entered into agreements with Schifffahrtsgesellschaft MS WELLE mbH & Co. KG and Schifffahrtsgesellschaft MS WOGE mbH & Co. KG to acquire MV Welle (tbr "AS Penelope") and MV Woge (tbr "AS Pauline"), two gearless 2,500 TEU vessels built in 2005 and 2006 at STX Shipbuilding, Korea. The two vessels will be acquired for USD 11,000,000 each.
Physical takeover of the vessels is expected to take place in the second quarter of 2018, lifting the fleet of MPCC to a total of 68 vessels.
Of this, 40 vessels are owned and operated by MPC Container Ships Invest B.V. ("MPCC Invest"), a wholly-owned subsidiary of MPCC. MPCC Invest is pleased to announce that the proceeds of USD 200 million from the bond issue have successfully been disbursed from the Escrow Account and applied in accordance with the bond terms. MPCC Invest has now successfully taken over all vessels, including 15 initial vessels and 25 additional vessels. The acquisitions of these vessels have been financed, in part, by the bond proceeds.
MPCC Invest is incorporated as a private limited liability company and domiciled in the Netherlands. The bond issue MPC Container Ships Invest B.V. FRN Senior Secured USD 200,000,000 bonds 2017/2022 (ISIN NO 0010805872) is governed by bond terms dated 20 September 2017 as amended by addendum no. 1 dated 12 February 2018 in connection with a tap issue between MPCC Invest as issuer and Nordic Trustee AS as trustee for the Bondholders.
Constantin Baack, CEO of MPC Container Ships ASA, comments: "We are very pleased with the development in the past year. Within only 12 months, MPCC has become the largest owner globally of feeder container ships with a capacity of up to 3,000 TEU. During the same time charter rates in the segment have developed very positively. Although the supply and demand situation is now pointing towards a rebalancing with a much reduced idle fleet, the market continues to provide attractive acquisition opportunities. We are currently considering financing options to further grow our business, both via asset acquisitions or ship for share transactions. The recent main board listing on the Oslo Stock Exchange will make us even more interesting for global investors."
MPC Container Ships ASA was formed in April 2017. Its main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU. Since its inception, MPC Container Ships ASA successfully completed multiple rounds of funding in the capital markets. The amount raised through both equity and bond offerings currently totals USD 625 million (USD 425 million in equity, USD 200 million in bonds). The company managed to successfully deploy the capital in shipping transactions and thus built up a fleet of 68 vessels. MPC Container Ships ASA is listed on Oslo Stock Exchange with ticker code “MPCC”.
Source: MPC Container Ships