CP Ships Ltd. sets U.S. registration of notes
CP Ships Ltd., a London-based container shipping company, said its 4 percent convertible senior subordinated notes, due in 2024 in a total principal amount of $200 million and first issued in an unregistered offering in February, can now be resold in the U.S. under a registration statement that became effective April 26 with the U.S. Securities and Exchange Commission.
“CP Ships will not receive any proceeds from any resale of the convertible notes or the common shares issuable upon their conversion,” the company said in a statement.
Such notes and shares remain subject to resale restrictions in Canada until June 25.