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Hapag-Lloyd AG: Price range for Hapag-Lloyd AG shares set at EUR 23 to EUR 29


DGAP-News: Hapag-Lloyd AG / Key word(s): IPO

2015-10-14 / 18:52


Hamburg, 14 October 2015

Price range for Hapag-Lloyd AG shares set at EUR 23 to EUR 29

Offer period will start on 15 October and to end on 27 October 2015 / First day of trading on Frankfurt Stock Exchange planned for 30 October 2015 / Hapag-Lloyd expects gross proceeds of approximately US$300 million for further investments

Hapag-Lloyd AG ("Hapag-Lloyd" or the "Company") has set the terms for its planned initial public offering ("IPO") together with its shareholders. The Company has set the price range for the shares of Hapag-Lloyd at EUR 23 to EUR 29 per share. The offer period will start on 15 October 2015 and is expected to end on 27 October 2015. The final offer price will be determined based on the bookbuilding process and is expected to be published on 27 October 2015.

The offering consists of a total of up to 15,721,035 shares of Hapag-Lloyd. This includes an offering of up to 11,503,197 new shares from a capital increase that the Company will sell based on the offer price and will be such number of shares as is necessary to provide the Company with gross proceeds of approximately US$300 million (about EUR 265 million). In this base deal the core shareholders Kühne Maritime ("Kühne") and Compañía Sud Americana de Vapores ("CSAV") are participating with US$60 million by placing cornerstone orders of US$30 million each. Further up to 2,300,639 existing shares of Hapag-Lloyd will be offered from the holdings of TUI-Hapag Beteiligungs GmbH ("TUI") subject to the exercise of a shares placement option upon joint decision on the date of pricing and allocation, and in addition up to 1,917,199 existing shares from the holdings of TUI are offered to cover potential over-allotments. The total offering size including primary proceeds for Hapag-Lloyd, TUI shares placement option and potential over allotments can amount up to approximately US$410 million (about EUR 362 million). This would imply a free float of up to 19% across the price range, including existing Hapag-Lloyd shareholders with an ownership of below 5%.

Based upon the positive investor feedback received since the announcement of its IPO plans Hapag-Lloyd has decided to move ahead with the IPO. Management and shareholders have decided to resize the offering volume to a level that enables Hapag-Lloyd's future investment targets. The expected gross proceeds of approximately US$300 million will allow the Company to invest in vessels and containers to further strengthen its competitiveness. The cornerstone investment has also been adjusted proportionally to enable a sufficient free float.

"Hapag-Lloyd has demonstrated operational performance in the container liner shipping sector", says Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd. "The access to the capital market is important for us. In the long-term, it will support our future growth through investments in our assets. Despite challenging capital market conditions we believe this is the right step for Hapag-Lloyd, strengthening our ability to pursue our strategy focused on creating more value to our shareholders."

The decision on the number of new shares to be placed is expected to be made on 27 October 2015. Upon successful conclusion of the offering, the shares are expected to start trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange and the comparable market of the Hamburg Stock Exchange on 30 October 2015 under the German Securities Code (WKN) HLAG47 and International Securities Identification Number (ISIN) DE000HLAG475.

The IPO prospectus has been approved by the German Federal Financial Supervisory Authority (BaFin) and is available on the Company's homepage at http://ir.hapag-lloyd.com/websites/hapaglloyd/English/510/ipo-news.html for download.

Berenberg, Deutsche Bank and Goldman Sachs International are acting as Joint Global Coordinators and Joint Bookrunners. Citigroup, Credit Suisse, HSBC and UniCredit have been mandated as additional Joint Bookrunners. DZ BANK, ING and M.M.Warburg & CO will act as Co-Lead Managers.

As part of the envisaged IPO, the Joint Global Coordinators are providing a new credit line of US$125 million.

Basic information

First day of trading Planned for 30 October 2015
Offer period The offer period will start on 15 October 2015 and is expected to end on 27 October 2015, at 12:00 CET for private and retail investors and at 14:00 CET for institutional investors
Price range EUR 23 to EUR 29 per share
Offering size Total offering size including primary proceeds for Hapag-Lloyd, TUI shares placement option and potential over allotments can amount up to approximately US$410 million (about EUR 362 million)
Contemplated proceeds to the company Gross proceeds to the Company from the offering of new shares of approximately US$300 million (about EUR 265 million)
Type of offering Public offering in Germany and in the Grand Duchy of Luxembourg as well as private placements in certain jurisdictions outside Germany and Luxembourg
Offering to qualified institutional buyers in the United States of America in reliance on Rule 144A under the US Securities Act
Offering outside the United States in offshore transactions only in reliance on Regulation S under to the US Securities Act
Stock exchange Frankfurt Stock Exchange, Hamburg Stock Exchange
Market segment Regulated market (Prime Standard)
ISIN DE000HLAG475
WKN HLAG47
Ticker symbol HLAG
Syndicate banks Joint Global Coordinators and Joint Bookrunners:
Berenberg; Deutsche Bank; Goldman Sachs International
Additional Joint Bookrunners:
Citigroup; Credit Suisse; HSBC Germany; UniCredit Bank AG
Co-Lead Managers:
DZ BANK; ING; M.M.Warburg & CO
Lock-up period Company: 180 days
Existing shareholder: 180 days


About Hapag-Lloyd
With a fleet of 188 modern container ships, Hapag-Lloyd is one of the world's leading container liner shipping companies. The Company has approx. 10,000 employees at 349 sites in 116 countries. Since the merger with CSAV's container business in December 2014, the Hapag-Lloyd fleet has offered a total transport capacity of around one million standard containers (TEU) as well as a container fleet of 1.6 million TEU - including one of the world's largest and state-of-the-art reefer fleets. 128 liner services worldwide ensure fast, reliable connections between all the continents. Hapag-Lloyd is a founding member of the G6 Alliance, one of the largest shipping alliances worldwide. Hapag-Lloyd is one of the leading operators in the Atlantic and Latin America trades.

Disclaimer

These materials may not be published, distributed or transmitted in the United States, Canada, Australia or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the "Shares") of Hapag-Lloyd AG (the "Company") in the United States, Germany or any other jurisdiction. The Shares of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Shares of the Company have not been, and will not be, registered under the Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in, and in reliance on, Rule 144A under the Securities Act.

This publication constitutes neither an offer to sell nor a solicitation to buy securitie of Hapag-Lloyd AG. The offer is being made solely by means of, and on the basis of, the published securities prospectus (including any amendments thereto, if any). An investment decision regarding the publicly offered securities of Hapag-Lloyd AG should only be made on the basis of the securities prospectus. The securities prospectus is available free of charge from Hapag-Lloyd AG, Ballindamm 25, 20095 Hamburg, Germany, or on the Hapag-Lloyd AG website.

In the United Kingdom, this document is only being distributed to and is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.





2015-10-14 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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