Commentary & Deal Flow

Danaos Corp (DAC) $500m 144A/Reg S sr notes due 10/15/32 (7y). NC3 (10/15/28) (MWC T+50bp), then at 103.438 10/15/28, 101.719 10/15/29, 100 10/15/30. Equity claw: 3y 40% at 106.875. Ba2/BB+ (stable/stable). Via Citi/BNP jt books. No reg rights. List ISE. NY law. Pays March 01 and Sept 01, starting 03/01/26. CoC at 101. Denoms: 100kx1k. Settles 10/16 (T+4). 144A CUSIP: 23585WAC8; 144A ISIN: US23585WAC82. IPT: 7.00% area. Price talk: 6.875% area.

Priced: 6.875% at 99.335, yield 7.00%. +308bp vs 3.875% 09/30/32.

Roadshow (meetings and calls) started 10/06 (investor call at 10am NYT /3pm UKT 10/06). Books closed at 12pm 10/09. UOP: to redeem in full its $262.766m 8.50% sr notes due 03/0128 at 100 on or about 03/01/26, repay in full its existing credit facilities (BNP/CA $80.5m secured credit facility and its Alpha Bank $34.6m secured credit facility) on 12/01/25, and $110.1m for GCP. Biz: one of the largest independent owners of modern, large-size container vessels with a current fleet of 74 container vessels, also owns 10 drybulk vessels. HQ: Piraeus, Greece.

NetRoadshow replay link: www.netroadshow.com/nrs/home/#!/?show=72a30e32.