The public offering for the €250 million bond issue by Capital Clean Energy Carriers, owned by Vangelis Marinakis, was already covered on the second day.
Demand on the second day of the public offering was strong, with the €250 million amount being covered from the early hours of the day. It should be noted that the public offering closes tomorrow at noon.
There is particular demand in the retail sector, with the interest rate (between 3.75% and 4.05%) being considered particularly attractive by private investors.
It should be noted that the company is active in the transport of LNG, other gases, containers, and dry cargo, but has already implemented a strategyof gradual divestment from the containership sector, having sold or agreed to sell all but one of its container ships. The focus is shifting to LNG and energy cargo ships.
If fully covered, the companywill raise €242.5 million,which will be allocated as follows:
- 62.7% - €152.0 million Torepay the existing bond of the subsidiary CPLP Shipping Holdings PLC, by its repayment date, in accordance with the terms of the program.
- 28.9% - €70.0 millionTo finance part of the price of ships under construction acquired by subsidiaries of the Issuer.
- 8.4% - €20.5 million.To cover working capital requirements.
The allocation process
After determining the final yield and interest rate, the Lead Managers will determine the size of the issue and then allocate the Bonds to investors as follows:
- At least 30% of the Bonds in the Public Offering (i.e. at least 75,000 Bonds in the event of full coverage of the COD, i.e. issue of 250,000 Bonds) will be allocated to satisfy the subscriptions ofPrivate Investorsand
- Up to 70% of the Bonds of the Public Offering (i.e., up to 175,000 Bonds in the event of full coverage of the COD, i.e., issuance of 250,000 Bonds) will be allocated betweenSpecial Investors and Private Investors.
Once the subscriptions of Private Investors for 30% of the Bonds of the Public Offering have been satisfied, the following will be taken into account for the final determination of the allocation percentage per investor category:
a)demand from Special Investors,b)demand from Private Investors exceeding 30%, c)the number of Subscription Applications relating to Private Investors, andd)the need to create conditions for the smooth trading of the Bonds on the secondary market.
The strategy
As noted in the prospectus, Capital Clean Energy Carriers Corp. is an international shipping group active in deep-sea shipping and present in the LNG, other gas, container, and dry bulk markets. In recent years,it has undergonestrategic restructuring withthe aim of developing a more specialized energy shipping profile.
The company was formed through successive corporate transformations and reorganization of activities, with an emphasis on creating a group focused on the transport of energy cargoes. Its structure is based onspecial purpose vehicles(SPVs), which individually own ships—a model commonly used in international shipping.
The group is active in:
- In the transport of Liquefied Natural Gas (LNG),
- In the transport of other gases,
- The transport of containers,
- Dry cargo transportation.
However, the strategic direction is clearlyoriented towards the energy sector.This strategy is part of the broader context of the global energy transition and the growing importance of LNG as a bridge fuel. By strengthening its fleet of energy ships and restructuring its financing, the Group aims to:
- More stable long-term charters,
- Reduced exposure to cyclical markets such as containerships,
- Strengthening of its position in the clean energy transport sector.
Overall, Capital Clean Energy Carriers Corp. appears to be a shipping group ina phase of strategic transition: from a diversified business model to a more specialized, energy-oriented business identity, with a focus on long-term stability and capital discipline.