Matson Announces Closing of $100 Million Debt Private Placement
HONOLULU, Jan. 28, 2014 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, is pleased to announce the issuance today of $100 million in 30-year final maturity senior unsecured notes (the "Notes") pursuant to a previously announced private placement on November 6, 2013. The Notes have a weighted average life of approximately 14.5 years and bear interest at a rate of 4.35%, payable semi-annually. The proceeds from the private placement of Notes will be used for general corporate purposes.
Joel Wine, Matson's Senior Vice President and Chief Financial Officer commented, "We are pleased to have closed this private placement transaction which provides Matson with long-term, unsecured debt at an attractive fixed interest rate and demonstrates the Company's continued strong access to external capital."
About the Company
Founded in 1882, Matson is a leading U.S. carrier in the Pacific. Matson provides a vital lifeline to the island economies of Hawaii, Guam, Micronesia and select South Pacific islands, and operates a premium, expedited service from China to Southern California. The Company's fleet of 18 vessels includes containerships, combination container and roll-on/roll-off ships and custom-designed barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout the continental U.S. Its integrated, asset-light logistics services include rail intermodal, highway brokerage and warehousing. Additional information about Matson, Inc. is available at www.matson.com.
SOURCE Matson, Inc.