DANAOS Corporation, owner of 59 containerships aggregating 352,600 TEU, has sold 45
DANAOS Corporation, owner of 59 containerships aggregating 352,600 TEU, has sold 45.5 per cent of the company's outstanding common stock to undisclosed lenders cutting debt by US$551 million. 'Danaos Investment Limited remains the company's largest stockholder following the transaction,' said the company statement, reported St Petersburg?s Port News.
The refinancing reset financial and certain other credit facility covenants, modified interest rates and amortisation profiles and extended debt maturities by five years.
Danaos Investment Limited has made various financial and operational commitments as part of the refinancing transactions, including a capital contribution to the company for which it did not receive any shares, but facilitated the transaction, said the company statement.
