<SEC-DOCUMENT>0001104659-18-041947.txt : 20180625
<SEC-HEADER>0001104659-18-041947.hdr.sgml : 20180625
<ACCEPTANCE-DATETIME>20180625093015
ACCESSION NUMBER:		0001104659-18-041947
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180625
FILED AS OF DATE:		20180625
DATE AS OF CHANGE:		20180625

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Danaos Corp
		CENTRAL INDEX KEY:			0001369241
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33060
		FILM NUMBER:		18916172

	BUSINESS ADDRESS:	
		STREET 1:		14 AKTI KONDYLI
		STREET 2:		185 45 PIRAEUS
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011302104496480

	MAIL ADDRESS:	
		STREET 1:		14 AKTI KONDYLI
		STREET 2:		185 45 PIRAEUS
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a18-15870_16k.htm
<DESCRIPTION>6-K
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;6-K</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For the month of June&nbsp;2018</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Commission File Number 001-33060</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">DANAOS CORPORATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Translation of registrant&#146;s name into English)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Danaos Corporation</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">c/o Danaos Shipping Co. Ltd.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">14 Akti Kondyli</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">185 45 Piraeus</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Greece</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Attention: Secretary</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">011 030 210 419 6480</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive office)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 13.2pt;text-indent:-13.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;20-F &nbsp;</font><font face="Wingdings">x</font>&#160;&#160;&#160; Form&nbsp;40-F <font face="Wingdings">o</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1):&nbsp;</font><font face="Wingdings">o</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7):&nbsp;</font><font face="Wingdings">o</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Debt Refinancing Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;20, 2018, </font>Danaos Corporation (&#147;<b>Danaos</b>&#148; or the &#147;<b>Company</b>&#148;) issued a press release announcing its entry into a debt refinancing agreement with certain of its lenders currently holding approximately $2.2 billion of debt maturing on December&nbsp;31, 2018, that will result in a debt reduction of approximately $551 million. This press release is filed as Exhibit&nbsp;99.1 hereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The debt refinancing agreement (&#147;<b>RA</b>&#148;) the Company has entered into with certain of its lenders, as well as Danaos Investment Limited as Trustee of the 883 Trust (&#147;<b>DIL</b>&#148;), its largest stockholder, and its manager, Danaos Shipping Co. Ltd. (the &#147;<b>Manager</b>&#148;), contemplates the Company&#146;s entry into new credit facilities, reflects a $551 million reduction in the Company&#146;s debt, reset financial and certain other covenants, modified interest rates and amortization profiles and extended debt maturities, by approximately five years, to December&nbsp;31, 2023, as described in more detail below under &#147;New Credit Facilities&#148;. The refinancing transaction (the &#147;<b>Refinancing</b>&#148;) contemplated by the RA is required to be consummated by July&nbsp;31, 2018, and is subject to the execution of definitive documentation and satisfaction and fulfillment of certain closing conditions and commitments by the Company and DIL.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The RA contemplates that, in exchange for the debt write downs contemplated by the RA, the Company will issue to the applicable lenders an aggregate of 99,342,271 new shares of the Company&#146;s common stock (the &#147;<b>Common Stock</b>&#148;) on the closing date of the Refinancing (the &#147;<b>Closing Date</b>&#148;), representing 47.5% of the Company&#146;s issued and outstanding Common Stock after giving effect to such issuance. The issuance will ratably dilute existing holders of the Common Stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The RA also provides that the Company will undertake to seek to sell two of its 13,100 TEU vessels, the <i>Hyundai Honour</i> and the <i>Hyundai Respect</i>, subsequent to the consummation of the Refinancing, with the net proceeds from such sales to be applied pro rata to repay the new credit facilities secured by mortgages on such vessels, which would further reduce the Company&#146;s outstanding debt.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIL and the Manager have made a number of financial and operating commitments in connection with the Refinancing, including the agreement by DIL to contribute $10 million to the Company on the Closing Date (the &#147;<b>DIL Equity Contribution</b>&#148;), and has agreed to commit to backstop, through a cash contribution pursuant to a subordinated loan agreement, any shortfall in the required minimum consolidated cash balance of $60 million as of September&nbsp;30, 2018, subject to certain limitations (the &#147;<b>Minimum Cash Condition Backstop</b>&#148;). DIL will not receive any shares of Common Stock or other interests in the Company as a result of the contributions described in the preceding sentence. Further commitments of DIL and the Manager are described below under &#147;Follow-on Equity Raise; Backstop Agreement&#148;, &#147;Management Agreement&#148;, &#147;Restrictive Covenant Agreement&#148; and &#147;Stockholders Agreement.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The RA contemplates the implementation of certain governance arrangements, as described below under &#147;Stockholders Agreement&#148; and &#147;Articles of Incorporation.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below is a summary of the expected principal terms of the new credit facilities and certain other agreements contemplated by the Refinancing and the RA. These agreements remain subject to definitive documentation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New Credit Facilities</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The RA contemplates that the Company will enter into new credit facilities for an aggregate principal amount of approximately $1.6 billion due December&nbsp;31, 2023 through an amendment and restatement or replacement of existing credit facilities that have outstanding debt of approximately $2.2 billion maturing on</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31, 2018<i>. </i>The new credit facilities are expected to provide for quarterly fixed and variable amortization payments, together representing approximately 85% of actual free cash flows from the relevant vessels securing such credit facilities (calculated on a generally consistent basis to the Company&#146;s 2011 Restructuring Agreement). The new credit facilities are expected to have maturity dates of December&nbsp;31, 2023. The interest rate payable under the new credit facilities is LIBOR+2.50%, with two credit facilities incurring additional PIK interest of 4.00%, payable in respect of approximately $282 million thereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The new credit facilities are expected to contain financial covenants requiring the Company to maintain: (i)&nbsp;minimum collateral to loan value coverage on a charter-free basis increasing from 57.0% as of December&nbsp;31, 2018 to 100% as of December&nbsp;31, 2023, (ii)&nbsp;minimum collateral to loan value coverage on a charter-attached basis increasing from 69.5% as of December&nbsp;31, 2018 to 100% as of December&nbsp;31, 2023, (iii)&nbsp;minimum liquidity of $30 million throughout the term of the new credit facilities, (iv)&nbsp;maximum consolidated net leverage ratio, declining from 7.50x as of December&nbsp;31, 2018 to 5.50x as of December&nbsp;31, 2023, (v)&nbsp;minimum interest coverage ratio of 2.50x throughout the term of the new credit facilities and (vi)&nbsp;minimum consolidated market value adjusted net worth increasing from negative $510 million as of December&nbsp;31, 2018 to $60 million as of December&nbsp;31, 2023.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The new credit facilities are also expected to contain certain restrictive covenants and customary events of default, including those relating to cross-acceleration and cross-defaults to other indebtedness, non-compliance with security documents, repudiation of security documents, material adverse changes to the Company&#146;s business, the Company&#146;s Common Stock ceasing to be listed on the New York Stock Exchange (&#147;<b>NYSE</b>&#148;) (or another recognized stock exchange), foreclosure on a vessel in the Company&#146;s fleet, a change in control of the Manager, a breach of the management agreement by the manager for the vessels securing the respective credit facilities and a material breach of a charter by a charterer or cancellation of a charter (unless replaced with a similar charter acceptable to the lenders) for the vessels securing the respective new credit facilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A &#147;Change of Control&#148; will give rise to a mandatory prepayment in full of each new credit facility. A &#147;Change of Control&#148; of the Company for these purposes is expected to include: (i)&nbsp;Dr.&nbsp;Coustas ceases to be both the Company&#146;s Chief Executive Officer and a director of the Company, subject to certain exceptions, (ii)&nbsp;the existing members of the board and the directors appointed following nomination by the existing board of directors collectively do not constitute a majority of the board of directors, (iii)&nbsp;Dr.&nbsp;Coustas and members of his family cease to collectively control more than 15% of the voting interest in the Company&#146;s outstanding capital stock or to beneficially own at least 15% and one share of the Company&#146;s outstanding capital stock or (iv)&nbsp;any person or persons acting in concert (other than the Coustas family) (x)&nbsp;holds a greater portion of the Company&#146;s outstanding capital stock than the Coustas family (other than as a direct result of the sale by the lenders of shares issued in the Refinancing) or (y)&nbsp;controls Danaos.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the new credit facilities is expected to be secured by customary shipping industry collateral, including vessel mortgages, earnings accounts and stock pledges and to benefit from corporate guarantees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will not be permitted to pay dividends under the new credit facilities, until (1)&nbsp;the Company receives in excess of $50 million in net cash proceeds from offerings of Common Stock and (2)&nbsp;the payment in full of the first installment of amortization payable following the consummation of the Refinancing under each new credit facility entered into in connection with the RA (save for the Sinosure-CEXIM credit facility and, if not repaid in full on the Closing Date, the KEXIM-ABN AMRO credit facility). After these conditions are satisfied, the Company currently expects to be permitted to pay dividends unless an event of default has occurred and is continuing or would occur as a result of the payment of such dividend and as long as the obligors under each new credit facility are in compliance with covenants thereunder (including the Company&#146;s compliance with financial covenants).</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sinosure-CEXIM credit facility and KEXIM-ABN AMRO credit facility</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The RA also contemplates that on the Closing Date the Company will amend and restate its Sinosure-CEXIM credit facility, dated as of February&nbsp;21, 2011, under which $75 million was outstanding as of May&nbsp;30, 2018, including to align its financial covenants with those to be contained in the new credit facilities and provide second lien collateral to lenders under certain of the new credit facilities. </font>The RA further contemplates that on the Closing Date the Company will either prepay in full all outstanding debt under the KEXIM ABN-AMRO credit facility, dated January&nbsp;29, 2004, or amend the KEXIM ABN-AMRO credit facility to align its financial covenants with those contained in the new credit facilities.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stockholders Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company expects to enter into a Stockholders Agreement (the &#147;<b>Stockholders Agreement</b>&#148;) with those lenders that will receive shares of Common Stock in connection with the Refinancing and DIL, as described below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Board of Directors. </i>The Stockholders Agreement will provide that the Company&#146;s board of directors is required to consist of up to nine directors and that a majority of the board be &#147;independent&#148; under NYSE rules. Following the appointment of Petros Christodoulou to the Board of Directors on June&nbsp;22, 2018, the Company&#146;s board of directors consists of the following seven directors: Dr.&nbsp;John Coustas,&nbsp;Iraklis Prokopakis, George Economou, William Repko, Myles R. Itkin, Mikl&#243;s Konkoly-Thege and Petros Christodoulou.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Tag-Along Rights.</i> The Stockholders Agreement will provide for &#147;tag-along&#148; rights until (i)&nbsp;such time as all stockholders party to the agreement have had the opportunity to register their shares on an effective registration statement filed with the U.S. Securities and Exchange Commission (&#147;<b>SEC</b>&#148;) and (ii)&nbsp;the completion of a registered offering of Common Stock resulting in net proceeds to the Company of at least $50 million. Such tag-along rights will provide, subject to certain exceptions described in the Stockholders Agreement, that upon a sale by DIL or its affiliates resulting in another person or its affiliates holding more than 15% of the Company&#146;s issued and outstanding Common Stock or resulting in DIL and its affiliates holding less than 20% of the Company&#146;s issued and outstanding Common Stock, each stockholder party to the Stockholders Agreement will have the right to require the proposed purchaser to purchase from it the number of shares of Common Stock requested to be included by such stockholder in the sale, on a pro rata basis, at a price equal to and on terms and conditions no worse than the highest price paid and most favorable terms agreed to by that person in the previous 12 months.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Purchases of Common Stock by DIL. </i>The Stockholders Agreement will provide that in the event DIL or any of its affiliates makes any offer to purchase any Common Stock from any stockholder party to the Stockholders Agreement (other than DIL or its affiliates, or offers made to all stockholders), DIL or such affiliate must also offer to purchase, on the same terms, the Common Stock owned by each stockholder party to the Stockholders Agreement, on a pro rata basis based on the ownership of Common Stock of stockholders exercising this right.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Dividend Reinvestment Commitment by DIL. </i>The Stockholders Agreement will include an undertaking by DIL that, until the earlier of the repayment or refinancing in full of the new credit facilities and December&nbsp;31, 2023, it will, within six months of receipt of dividend payments from the Company, either (i)&nbsp;reinvest 50% of all such cash dividends in the manner described below, or (ii)&nbsp;place such amount into escrow to be released only for the purpose of such reinvestments or at the repayment or refinancing in full of all the Company&#146;s credit facilities. Such reinvestments will be made by way of subscription of common stock in a public offering by the</p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company at the price offered to the public in such offering or, if there is no such public offering during that six (6)&nbsp;month period, in a private placement based on the volume weighted average trading price of the Common Stock on the NYSE over the consecutive thirty (30) trading day period prior to such private placement. The shares so issued will benefit from registration rights under the Registration Rights Agreement, described below.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Follow-on Equity Raise; Backstop Agreement</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will agree to use commercially reasonable efforts to consummate an offering of Common Stock for aggregate net proceeds of not less than $50 million within 18 months after the Closing Date (the &#147;<b>Follow-on Equity Raise</b>&#148;). In order to facilitate the Follow-on Equity Raise, DIL has committed to enter into an agreement with the Company (the &#147;<b>Backstop Agreement</b>&#148;) pursuant to which DIL will agree to purchase up to $10 million of Common Stock in such offering (at the price offered to the public in such offering, as determined by a special committee of the Company&#146;s board of directors comprising solely of disinterested independent directors), to the extent that the proceeds from the Follow-on Equity Raise are less than $50 million. In the event that the Company determines not to complete a Follow-on Equity Raise within 18 months after the Closing Date or fails to do so, DIL has agreed to invest an amount equal to $10 million in Common Stock in a private placement</font> at a price per share no less than the volume weighted average trading price of the Common Stock on the NYSE over a consecutive thirty (30) trading day period prior to such private placement, which price may be decreased by the committee of disinterested independent directors so long as such price is at least equal (or greater than) the implied net asset value per share of the Company upon consummation of the private placement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If DIL fails to comply with its obligations under the Backstop Agreement, the Company shall apply all or some of the amount of DIL&#146;s unfulfilled obligations under the Backstop Agreement as a credit towards any fees payable by the Company to the Manager, which is controlled indirectly by DIL, under the Management Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration Rights Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will enter into a registration rights agreement with those lenders which will receive Common Stock in the Refinancing and DIL (the &#147;<b>Registration Rights Agreement</b>&#148;), pursuant to which the Company will agree to register for resale under the U.S. Securities Act of 1933 the Common Stock held by DIL, the Common Stock issued to such lenders in the Refinancing, as well as shares issued to DIL pursuant to the Backstop Agreement or, generally, its dividend reinvestment obligation described in &#147;Stockholders Agreement&#148; above. The Registration Rights Agreement will require the Company to use its commercially reasonable efforts to file with the SEC a shelf registration statement to register resales of Common Stock received by such lenders and DIL, request the SEC declare it effective no later than 90 days after the Closing Date and maintain its effectiveness. The Registration Rights Agreement will also include provisions, effective from 90 days after the earlier to occur of the Follow-on Equity Raise until the date five years after the occurrence of the Follow-on Equity Raise: (1)&nbsp;providing for demand registration rights in the event there is not an effective shelf registration statement at the time, (2)&nbsp;requiring the Company to provide customary marketing assistance and cooperation in connection with any &#147;shelf take-down&#148; offering and (3)&nbsp;providing for&nbsp;piggyback registration rights, with customary cutbacks, with respect to such securities.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Articles of Incorporation</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As contemplated by the RA, the Company&#146;s board of directors has approved, and will recommend that the Company&#146;s stockholders approve at the Company&#146;s 2018 annual meeting of stockholders, amendments to the Company&#146;s Restated Articles of Incorporation to require approval of stockholders holding not less than 66-</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2/3% of the outstanding shares of Common Stock entitled to vote to take certain actions, which amendments we would expect to file with the Marshall Islands registrar of corporations and thereby become effective on or about the Closing Date. Specifically, the amendments will provide that, prior to the earlier to occur of (1)&nbsp;the fifth (5</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>) anniversary of the effective date of such amendment and (2)&nbsp;(x)&nbsp;the Company&#146;s lenders having the opportunity to register the Common Stock received by such lenders in the Refinancing pursuant to a shelf registration statement that has been declared effective by the SEC and (y)&nbsp;the consummation of a registered offering of Common Stock with aggregate net proceeds to the Company of at least $50.0 million, the Company may not take any of the following actions without an affirmative vote by the holders of not less than sixty-six and two-thirds percent (66-2/3%) of the outstanding shares of capital stock entitled to vote generally for the election of directors, at any annual meeting or at any special meeting: (i)&nbsp;amending the Company&#146;s Restated Articles of Incorporation or the bylaws in a manner that adversely affects the rights of the holders of the Common Stock; (ii)&nbsp;consummating any merger, consolidation, spin-off or sale of all or substantially all of the assets of the Company or the Company and its subsidiaries, taken as a whole; (iii)&nbsp;delisting the Common Stock such that the Common Stock is not listed or quoted on any of the NYSE, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market (or any of their respective successors); (iv)&nbsp;deregistering the Common Stock under Section&nbsp;12 of the U.S. Securities Exchange Act of 1934, as amended; or (v)&nbsp;substantially changing the nature of the Company&#146;s business from the ownership, operation and management of maritime shipping assets.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Right to Participate in Certain Equity Offerings by the Company</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s lenders receiving shares of Common Stock in connection with the Refinancing, as well as DIL, will have the right to participate as a purchaser in any primary offering of shares by the Company, unless such holder is selling concurrently with such offering, on a pro rata basis based on the respective holder&#146;s percentage share ownership of Common Stock at the time of such offering, subject to customary exceptions, including for share issuances pursuant to equity compensation arrangements or as acquisition consideration.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Refinancing, the Company&#146;s Amended and Restated Management Agreement with the Manager will be amended, including to (1)&nbsp;extend its term until December&nbsp;31, 2024, (2)&nbsp;provide for the management fee offsets contemplated by the Backstop Agreement, and (3)&nbsp;address the allocation of charter opportunities. The fees payable to the Manager pursuant to the Management Agreement will not change and shall be fixed through the term of the Management Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Restrictive Covenant Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Refinancing, the Company&#146;s Restrictive Covenant Agreement with Dr.&nbsp;Coustas, DIL and certain entities affiliated therewith (the &#147;<b>Coustas Entities</b>&#148;), is expected to be amended, including to (1)&nbsp;extend its term until December&nbsp;31, 2024 and (2)&nbsp;permit the Coustas Entities to terminate the agreement upon the occurrence of certain transactions constituting a &#147;Change of Control&#148; of the Company which are not within the control of Dr.&nbsp;Coustas or DIL, including where Dr.&nbsp;Coustas ceases to be both the Chief Executive Officer of the Company and a director of the Company without his consent in connection with a hostile takeover of the Company by a third party.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*****</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Nothing in this Report on Form&nbsp;6-K shall constitute a solicitation of any holders of any of the Company&#146;s indebtedness or the Company&#146;s securities with respect to the refinancing transactions or an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities of the Company.</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="PB_6_040719_2897"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*****</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Forward-Looking Statements</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Matters discussed in this report may constitute forward-looking statements within the meaning of the safe harbor provisions of Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934, including statements about the RA and transactions contemplated thereby, the expected timing of completion of the transactions contemplated by the RA, the expected terms and conditions of the agreements and organizational documents described herein, and other statements that are forward looking. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this report are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include </font>the effects of proposed refinancing transactions contemplated by the RA; the risk that conditions to completion of the transactions contemplated by the RA may not be met; the risk that we may not complete the refinancing transactions within the expected timing; that the terms of the definitive agreements and organizational documents described herein could differ from the expected terms described herein; the actions that Danaos may take in the event the RA is terminated, occurrence of any event, change, or other circumstance that could give rise to the termination of the RA; the effects of actions taken by NYSE against the Company during the pendency of the refinancing; the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in Danaos&#146; operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*****</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This report on Form&nbsp;6-K is hereby incorporated by reference into the Company&#146;s (i)&nbsp;Registration Statement on Form&nbsp;F-3 (Reg. No.&nbsp;333-174500) filed with the SEC on May&nbsp;25, 2011, (ii)&nbsp;Registration Statement on Form&nbsp;F-3 (Reg. No.&nbsp;333-174494) filed with the SEC on May&nbsp;25, 2011, (iii)&nbsp;Registration Statement on Form&nbsp;F-3 (Reg. No.&nbsp;333-147099), the related prospectus supplements filed with the SEC on December&nbsp;17, 2007, January&nbsp;16, 2009 and March&nbsp;27, 2009, (iv)&nbsp;Registration Statement on Form&nbsp;S-8 (Reg. No.&nbsp;333-138449) filed with the SEC on November&nbsp;6, 2006 and the reoffer prospectus, dated November&nbsp;6, 2006, contained therein and (v)&nbsp;Registration Statement on Form&nbsp;F-3 (Reg. No.&nbsp;333-169101).</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="PB_7_040733_3020"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Danaos Corporation Press Release dated June&nbsp;20,   2018</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="PB_8_040803_7748"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: June&nbsp;25, 2018</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DANAOS CORPORATION</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Evangelos Chatzis</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Evangelos Chatzis</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="PB_9_040912_141"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;99.1</font></b><a name="EXHIBIT99_1_040324"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Danaos Corporation Announces Comprehensive Debt Refinancing Agreement</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ATHENS, GREECE &#151; June&nbsp; 20, 2018 - Danaos Corporation (the &#147;Company&#148; or &#147;Danaos&#148;) (NYSE:&nbsp;DAC) a leading international owner of containerships, is pleased to announce that it has reached an agreement with certain of its lenders currently holding approximately $2.2 billion of debt maturing on December&nbsp;31, 2018, that will significantly strengthen the Company&#146;s capital structure and result in a debt reduction of approximately $551 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to a comprehensive debt re-financing agreement (&#147;RA&#148;) with certain of its lenders, as well as Danaos Investment Limited as Trustee of the 883 Trust (&#147;DIL&#148;), its largest stockholder, and its manager, Danaos Shipping Co. Ltd., the Company will strengthen its financial position through a significant debt reduction, resetting of financial and certain other covenants in credit facilities,</font> modified interest rates and amortization profiles and an extension of existing debt maturities by approximately five years to December&nbsp;31, 2023. The closing of the transaction is subject to definitive documentation and certain closing conditions and commitments by the Company and DIL.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Danaos&#146;&nbsp;CEO Dr.&nbsp;John Coustas&nbsp;commented:</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:2.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;This comprehensive debt re-financing agreement is the culmination of a lengthy negotiation process we have undertaken with our lenders to position Danaos for long-term success. I would like to thank all of our lenders for their support, as well as our financial and legal advisors for their assistance. The Danaos management team looks forward to the completion of this transaction and moving forward as a stronger company.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Danaos continues to be a leader in the container shipping industry as a result of our intense focus on continuously enhancing our operations and leveraging technical innovation to provide the highest quality service to our customers. Our industry has undergone significant changes during the past few years, and with the improved capital structure contemplated by this agreement, we will be well positioned to take advantage of the growth opportunities in the container sector.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with this debt refinancing, the Company will issue 99,342,271 new shares of Danaos common stock to certain of the Company&#146;s lenders, which will represent 47.5% of the Company&#146;s outstanding common stock after giving effect to such issuance and will dilute existing shareholders ratably.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIL has made various financial and operational commitments as part of the contemplated refinancing transactions, including a commitment to make a further capital contribution to the Company at completion for which it will receive no additional shares. Danaos Investment Limited, will remain the Company&#146;s largest stockholder following completion of the transaction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The transactions contemplated by the RA, which are subject to final documentation and other conditions, are expected to be consummated by July&nbsp;31, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The RA and the transactions contemplated thereby were approved by the Company&#146;s Board of Directors, upon the recommendation of an independent committee comprised solely of independent and disinterested members of the Company&#146;s Board of Directors, which was advised by an independent financial advisor and independent counsel.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*****</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information contained in this press release is for informational purposes only and does not constitute an offer to buy, nor a solicitation of an offer to sell, any securities of the Company, nor does it constitute a solicitation of approval from any persons with respect to the transactions contemplated by the RA or described above.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Forward-Looking Statements</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934, including statements about the RA and transactions contemplated thereby, the expected timing of completion of the transactions contemplated by the RA, the expected benefits of the transactions contemplated by the RA, including the expectation that such transaction will position Danaos for long term success and enable it to move forward as a stronger company, growth opportunities in the container sector and other statements that are forward looking. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include </font>the effects of proposed refinancing transactions contemplated by the RA; the risk that conditions to completion of the transactions contemplated by the RA may not be met; the risk that we may not complete the restructuring transactions within the expected timing; Danaos&#146; ability to achieve long-term success and remain an industry leader following the refinancing transactions; the actions that Danaos may take in the event the RA is terminated, occurrence of any event, change, or other circumstance that could give rise to the termination of the RA; the effects of actions taken by NYSE against the Company during the pendency of the re-financing; the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in Danaos Corporation&#146;s operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Danaos Corporation</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Danaos Corporation&#146;s fleet of 59 containerships aggregating 352,600 TEUs, including four vessels owned by Gemini Shipholdings Corporation, a joint venture, ranks Danaos among the largest containership charter owners in the world based on total TEU capacity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For further information please contact:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Company Contact</font></b>:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Evangelos Chatzis</font></b><br>   Chief Financial Officer<br>   Danaos Corporation<br>   Athens, Greece<br>   Tel: +30 210 419 6480<br>   E-Mail:&nbsp;cfo@danaos.com</p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Iraklis Prokopakis</font></b><br>   Senior Vice President&nbsp;&amp; Chief Operating Officer<br>   Danaos Corporation<br>   Athens, Greece<br>   Tel. +30 210 419 6400<br>   E-Mail:&nbsp;coo@danaos.com</p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investor Relations and Financial Media</font></b>:<br>  <br> Rose&nbsp;&amp; Company<br> New York<br> Tel. 212-359-2228<br> E-Mail:&nbsp;danaos@rosecoglobal.com</p>
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