HAIFA, Israel, April 22, 2021 / PRNewswire / – ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), a global container shipping company, today announced its intention to make a mandatory excess cash repayment of 100% of its unsecured Series 1 and 100% Series 2 notes due in 2023 (together, the “Notes”) to an aggregate amount of $ 351.6 million, including accrued interest and accrued PIK interest, in accordance with the terms of the deed governing the Securities (the “Deed”).
Eli glickman, President and CEO of ZIM, said: “We are happy to buy back all $ 349 million outstanding principal on our Series 1 and 2 Notes. ZIM’s success in achieving this milestone, sooner than expected and ahead of the announced full two-year deadline, underscores the benefits of our niche strategy global and our continued strong cash flow generation. With significant financial strength and a differentiated and proven approach, we remain in a strong position to capitalize on the favorable fundamentals of container shipping for the benefit of our shareholders. “
This early repayment constitutes 100% of the Notes in circulation. Under the terms of the Deed, the redemption date is set at June 21, 2021 (the “Redemption Date”). Below is the principal outstanding and the interest payment in US dollars, as well as the interest payment as a percentage of the principal outstanding, for each series:
- Series 1A Notes – $ 215,283,091 principal unpaid and $ 1,614,623 payment of interest (0.75000% on the principal outstanding repaid).
- Series 1B Remarks – $ 2,152,415 principal unpaid and $ 16,143 payment of interest (0.75000% on the principal outstanding repaid).
- Series 2A Notes – $ 94,659,143 principal unpaid and $ 14,854,111 payment of interest, including accrued PIK interest (15.69221% on the principal outstanding repaid).
- Series 2B Remarks – $ 19,922,812 principal unpaid and $ 3,126,329 payment of interest, including accrued PIK interest (15.69221% on the principal outstanding repaid).
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is a global lightweight container shipping company with leading positions in the markets in which it operates. Founded in Israel in 1945, ZIM was one of the oldest ocean liners, with over 75 years of experience, providing customers with innovative shipping and logistics services, renowned for their transit times, reliable schedules and l service excellence. For more information, please visit www.zim.com.
This press release contains, or may be deemed to contain, forward-looking statements (as defined in the United States Private Securities Litigation Reform Act of 1995 and the Israeli Securities Act of 1968). In some cases, you can identify these statements by forward-looking words such as “may”, “could”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “Estimate”, “” predict “,” potential “or” continue “, the negative of these terms and other comparable terms. These forward-looking statements, which are subject to risks, uncertainties and assumptions concerning the Company, may include projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company’s current expectations and projections regarding future events or results. are significant factors which could cause the actual results, level of activity, performance or achievements of the Company to differ materially from the results, level of activity, performance or s achievements expressed or implied by forward-looking statements. Factors which could cause such differences include, but are not limited to: changes in the market in freight, bunker, charter and other tariffs or prices, new laws or regulations affecting the operations of the Company, new competition and changes in the competitive environment, the outcome of proceedings to which the Company is a party, and other risks and uncertainties detailed from time to time in documents filed by the Company with the United States Securities and Exchange Commission. United, including under the heading “Risk factors” in its 2020 annual report.
ZIM Integrated Shipping Services Ltd.
The IGB group
ZIM Integrated Shipping Services Ltd.
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