LONDON, June 30, 2021 /PRNewswire/ - Seaspan Corporation
("Seaspan" or the "Company"), a wholly owned subsidiary of Atlas
Corp. ("Atlas") (NYSE:ATCO), today announced that Fitch Ratings
("Fitch") has assigned a first-time Issuer Default Rating (IDR) of
'BB' to Seaspan. Fitch also assigned a 'BB' rating to the Company's
senior unsecured notes. The rating outlook is stable.
Seaspan's issue ratings are summarized in the table below:
Issue
|
Rating
|
Outlook
|
$200 million 6.5%
notes due 2024
|
BB
|
Stable
|
$300 million 6.5%
notes due 2026
|
BB
|
Stable
|
Fitch noted that Seaspan's ratings reflect its scale and
franchise as a leading containership lessor, enhanced funding
flexibility, an increased level of unencumbered assets, low
leverage profile, and solid liquidity. Seaspan's ratings are also
supported by a strong operating platform, which includes ownership
of a young fleet on long-term charters, consistent operating cash
flow generation, solid profitability, and an experienced leadership
team.
Graham Talbot, Chief Financial
Officer of Seaspan, added, "This credit rating is recognition of
the progress we are making in relation to our stated objective to
reshape our balance sheet, achieve a simpler, more efficient
capital structure, and ultimately achieve an investment grade
rating."
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. For more information visit
atlascorporation.com.
About Seaspan
Seaspan is a leading independent owner
and operator of containerships. We primarily charter our vessels on
long-term, fixed-rate time charters to the world's largest
container shipping liners. At March 31, 2021, Seaspan's fleet
consisted of 127 containerships representing total capacity of
approximately 1,073,200 TEU. On May 19, 2021, we announced the
delivery of two second-hand vessels, increasing Seaspan's operating
fleet to 129 vessels and 1,090,200 TEU. We also have 45 vessels
under construction, and two additional acquired vessels which are
expected for delivery early in the third quarter of 2021,
increasing total fleet capacity to 1,784,200 TEU, on a fully
delivered basis. For more information visit seaspancorp.com.
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 expected benefits of the
vessel transactions to Atlas's financial condition and results from
operations. 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.