6-K
ZIM Integrated Shipping Services Ltd. (ZIM)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM6-K
REPORTOF FOREIGN PRIVATE ISSUER
PURSUANTTO RULE 13a-16 OR 15d-16 OF THE
SECURITIESEXCHANGE ACT OF 1934
For the month of April, 2021
CommissionFile Number: 001-39937
ZIMIntegrated Shipping Services Ltd.
(Exact Name of Registrant as Specified in ItsCharter)
9 Andrei Sakharov Street
P.O. Box 15067
Matam, Haifa 3190500, Israel
+972 (4) 865-2000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F | x | Form 40-F | ¨ |
|---|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
| Yes | ¨ | No | x |
|---|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
| Yes | ¨ | No | x |
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On April 22, 2021, ZIM Integrated Shipping Services Ltd. (the “Company”) issued a press release announcing its intention to perform a full and mandatory excess cash redemption of 100% of its Series 1 Senior Notes and 100% of its Series 2 Senior Notes due 2023 at an aggregate amount of $351.6 million, including accrued interest and accumulated PIK interest.
The information in this Form 6-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ZIM INTEGRATED SHIPPING SERVICES LTD. | |
|---|---|
| By: | /s/ Noam Nativ |
| Noam Nativ | |
| EVP General Counsel and Corporate Secretary |
Date: April 22, 2021
EXHIBIT INDEX
| EXHIBIT NO. | DESCRIPTION |
|---|---|
| 99.1 | Press Release dated April 22, 2021 |
Exhibit 99.1
ZIM Announces Full Early Redemption of $349MillionPrincipal Amount of Series 1 and 2 Notes Due 2023
Full Early Redemption Based on ContinuedStrong Cash Flow Generation
Haifa, Israel, April 22, 2021 – ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), a global container liner shipping company, announced today that it intends to perform a mandatory excess cash redemption of 100% of its Series 1 and 100% Series 2 unsecured notes due 2023 (together, the “Notes”) at an aggregate amount of $351.6 million, including accrued interest and accumulated PIK interest, in accordance with the terms of the indenture governing the Notes (the “Indenture”).
Eli Glickman, ZIM President & CEO, stated, “We are pleased to redeem the entire $349 million principal amount outstanding on our Series 1 and 2 Notes. ZIM’s success in achieving this important milestone, earlier than expected and earlier than the stated maturity by two whole years, highlights the benefits of our global niche strategy and our continued robust cash flow generation. With significant financial strength and a differentiated, proven approach, we remain in a strong position to capitalize on favorable container liner shipping fundamentals for the benefit of our shareholders.”
This early redemption constitutes 100% of the outstanding Notes. Pursuant to the Indenture, the redemption date is set for June 21, 2021 (the "Redemption Date"). Below is the outstanding principal to be redeemed and the interest payment in U.S. Dollar amount, and the interest payment as a percentage of the outstanding principal, for each series:
| · | Series<br>1A Notes - $215,283,091 outstanding principal and $1,614,623 interest payment (0.75000% on the redeemed outstanding principal). |
|---|---|
| · | Series<br>1B Notes - $2,152,415 outstanding principal and $16,143 interest payment (0.75000% on the redeemed outstanding principal). |
| --- | --- |
| · | Series<br>2A Notes - $94,659,143 outstanding principal and $14,854,111 interest payment including accumulated PIK interest (15.69221% on the redeemed<br>outstanding principal). |
| --- | --- |
| · | Series<br>2B Notes - $19,922,812 outstanding principal and $3,126,329 interest payment including accumulated PIK interest (15.69221% on the redeemed<br>outstanding principal). |
| --- | --- |
About ZIM
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is a global, asset-light container liner shipping company with leadership positions in the markets where it operates. Founded in Israel in 1945, ZIM is one of the oldest shipping liners, with over 75 years of experience, providing customers with innovative seaborne transportation and logistics services with a reputation for industry leading transit times, schedule reliability and service excellence. For additional information, please visit www.zim.com.
Forward Looking Statements
This press release contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968). In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about the Company, may include projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company's current expectations and projections about future events or results. There are important factors that could cause the Company's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: market changes in freight, bunker, charter and other rates or prices, new legislation or regulation affecting the Company's operations, new competition and changes in the competitive environment, the outcome of legal proceedings to which the Company is a party, and other risks and uncertainties detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission, including under the caption "Risk Factors" in its 2020 Annual Report.
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Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com
Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com
Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-8652520
shats.avner@zim.com
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