LONDON, UK, July 9, 2021 /CNW/ - Seaspan Corporation
("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas")
(NYSE: ATCO), today announced that it priced an offering (the
"Offering") of $750 million aggregate
principal amount of 5.50% senior unsecured notes due 2029 (the
"Notes"), representing a $250 million
increase from the original offering size. The Notes will be
Seaspan's senior unsecured obligations and will accrue interest
payable semiannually in arrears on February
1 and August 1 of each year,
beginning on February 1, 2022, at a
rate of 5.50% per year. The Notes will not be guaranteed by Atlas
or any of its or Seaspan's respective subsidiaries. The Notes will
mature on August 1, 2029, unless
earlier repurchased or redeemed.
Seaspan may redeem the Notes, at its option, in whole or in
part, at any time at specified redemption prices, plus accrued and
unpaid interest to, but excluding, the redemption date.
Seaspan estimates that the net proceeds from the Offering will
be approximately $736 million, after
deducting the initial purchasers' commission and Seaspan's
estimated offering expenses. Seaspan intends to allocate the net
proceeds of the Offering to acquire, finance or refinance, in whole
or in part, certain new and/or existing eligible projects as
defined in the offering memorandum and consistent with Seaspan's
Blue Transition Bond Framework ("the Framework") as described in
the offering memorandum. Sustainalytics has provided a Second Party
Opinion on the Framework's alignment with the International Capital
Markets Association's Green Bond Principles 2021 and Climate
Transition Finance Handbook 2020. The Green Bond Principles are
voluntary process guidelines for best practices in financial
instruments that enable capital-raising and investment for new and
existing projects with intended environmental benefits.
The Notes are being offered and sold only to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and outside the United
States to non-U.S. persons pursuant to Regulation S under
the Securities Act. The Notes have not been registered under the
Securities Act or any state securities laws, and unless so
registered, may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any of the
Notes, nor shall there be any offer or sale of the Notes in any
state, or jurisdiction in which such offer, solicitation, or sale
would be unlawful.
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.
About Seaspan
Seaspan is a leading independent owner and operator of
containerships. We charter our vessels primarily pursuant to
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. With
the delivery of four second-hand vessels subsequently announced,
Seaspan's operational fleet consists of 131 vessels with a total
capacity of 1,120,200 TEU. We also have 55 vessels under
construction, increasing total capacity to 1,854,200 TEU, on a
fully delivered basis.
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. 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, including those relating to the Offering and use of
proceeds therefrom, 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, and the offering
memorandum. 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.