Atlas will redeem Series E & Series G
shares in full on July 1, 2021,
eliminating its highest cost
preferred shares thereby further high grading its capital
structure
LONDON,
June 14, 2021
/PRNewswire/ - Atlas Corp. ("Atlas") (NYSE: ATCO) today announced
its intention to redeem all of its outstanding 8.25% Series E
Cumulative Redeemable Perpetual Preferred Shares (NYSE: ATCO-PE)
(the "Series E Preferred Shares") and outstanding 8.20%
Series G Cumulative Redeemable Perpetual Preferred Shares (NYSE:
ATCO-PG) (the "Series G Preferred Shares" and together with the
Series E Preferred Shares, the "Redeemed Shares") for cash on
July 1, 2021 (the "Redemption
Date"). The redemption price per Redeemed Share will be equal
to $25.00 plus all accrued and unpaid
dividends to the Redemption Date, for an aggregate total of
approximately $137 million for the
Series E Preferred Shares and $198
million for the Series G Preferred Shares.
Graham Talbot, CFO of Atlas,
commented, "Following strong success of strategic unsecured and
long-term secured capital raises over the past six months, we are
allocating approximately $335 million
of our significant liquidity to redeem these high-cost preferred
shares. We continue to reduce our weighted average cost of capital
with takeout of these 8.22% average cost instruments. We are
pleased to execute on plan to create a simple, balanced and highly
flexible capital stack, creating greater transparency and agility
in our balance sheet and liquidity profile. This is a continuous
process of optimization to further position our balance sheet for
continued quality growth and advancement of our market
leadership."
As previously announced, Atlas paid a dividend on April 30, 2021, of $0.515625 and $0.5125 per Series E Preferred Share and Series G
Preferred Share, respectively, for the period from January 30, 2021, to April
29, 2021. This will be the final quarterly dividend on the
Redeemed Shares, although holders will receive on redemption of the
Series E Preferred Shares and Series G Preferred Shares all accrued
and unpaid dividends up to but excluding the Redemption Date.
Formal notice has been delivered to the holders of the Redeemed
Shares in accordance with their respective Statement of
Designation. Non-registered holders of the Redeemed Shares
should contact their broker or other intermediary for information
regarding the redemption process for the Redeemed Shares in which
they hold a beneficial interest. The registrar and paying agent for
the Redeemed Shares is American Stock Transfer & Trust Company,
LLC (the "Registrar"). Questions regarding the redemption process
may be directed to the Registrar at (718) 921-8317, Attn:
Reorganization Group.
About Atlas
Atlas is a leading global asset management company,
differentiated by its position as a best-in-class owner and
operator with a focus on deploying capital to create sustainable
shareholder value. Atlas brings together an experienced asset
management team with deep operational and capital allocation
experience. We target long-term, risk adjusted returns across
high-quality infrastructure assets in the maritime sector, energy
sector and other infrastructure verticals. Our two portfolio
companies, Seaspan Corporation and APR Energy Ltd. are unique,
industry-leading operating platforms in the global maritime and
energy spaces, respectively.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements (as
such term is defined in Section 21E of the Securities Exchange Act
of 1934, as amended) concerning future events, including
forward-looking statements regarding the redemption of the Redeemed
Shares. Statements that are predictive in nature, that depend upon
or refer to future events or conditions, or that include words such
as "expects", "anticipates", "intends", "plans", "believes",
"estimates", "projects", "forecasts", "will", "may", "potential",
"should", and similar expressions are forward-looking statements.
These forward-looking statements reflect management's current
expectations only as of the date of this release. As a result, you
are cautioned not to rely on any forward-looking statements.
Although these statements are based upon assumptions that we
believe to be reasonable based upon available information, they are
subject to risks and uncertainties. These risks and uncertainties
include, but are not limited to, the factors detailed from time to
time in our periodic reports and filings with the SEC, including
Atlas's Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on
March 19, 2021. We expressly disclaim
any obligation to update or revise any of these forward-looking
statements, whether because of future events, new information, a
change in our views or expectations, or otherwise. We make no
prediction or statement about the performance of any of our
securities.
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SOURCE Atlas Corp.