Danaos Corporation has announced that it plans to commence an offering of up to $300 million of senior unsecured notes due 2028 (the notes"), subject to market conditions and other factors. The Company intends to use the net proceeds from the offering, together with a new $815 million senior secured credit facility and a new $135 million sale leaseback arrangement, to implement a $1.25 billion refinancing of a substantial majority of its outstanding senior secured indebtedness. The notes offering and debt refinancing are intended to reprofile a substantial majority of the Company's existing indebtedness, providing us with a more flexible and simplified financing structure going forward and decreasing the amount of company cash from operations that is required to service company indebtedness.