CP Ships completes $200-million debt issue

CP Ships completes $200-million debt issue

   CP Ships Tuesday completed its previously announced issuance of $200 million of 4-percent convertible senior subordinated notes.

   The Canadian-registered company also completed the exercise by the initial purchasers of their option to acquire an additional $25 million of such notes.

   CP Ships said net proceeds of the offering will be used to reduce borrowings under two secured revolving credit facilities that may, subject to availability under such facilities, subsequently be redrawn for general corporate purposes.