HONG KONG, Sept. 19, 2018 /CNW/ - Seaspan Corporation
("Seaspan") (NYSE:SSW) announced today the closing of its
previously announced public offering of 6,000,000 Series I
Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred
Shares (the "Series I Preferred Shares") for gross proceeds of
$150 million. Dividends will be
payable on the Series I Preferred Shares to October 30, 2023 at a fixed rate equal to 8.00%
per annum and from October 30, 2023,
if not redeemed, at a floating rate.
Seaspan intends to use the net proceeds from the offering for
general corporate purposes, which may include funding acquisitions,
debt repayments and redeeming certain of Seaspan's existing
preferred shares.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC
Capital Markets, LLC, UBS Securities LLC, Stifel, Nicolaus &
Company, Incorporated and Citigroup Global Markets Inc. acted as
joint book-running managers for the offering.
About Seaspan
Seaspan is a leading independent charter owner and operator
of containerships with industry leading ship management services.
We charter our vessels primarily pursuant to long-term, fixed-rate,
time charters to the world's largest container shipping liners.
Seaspan's operating fleet consists of 112 containerships with a
total capacity of more than 900,000 TEU, an average age of
approximately 6 years and an average remaining lease period of
approximately 5 years, on a TEU-weighted basis.
Seaspan has the following securities listed on The New York
Stock Exchange:
Symbol:
|
Description:
|
|
|
SSW
|
Class A common
shares
|
SSW PR D
|
Series D preferred
shares
|
SSW PR
E
|
Series E preferred
shares
|
SSW PR G
|
Series G preferred
shares
|
SSW PR
H
|
Series H preferred
shares
|
SSWN
|
6.375% senior
unsecured notes due 2019
|
SSWA
|
7.125% senior
unsecured notes due 2027
|
SSW25
|
5.500% senior notes
due 2025
|
Forward- Looking Statements
The statements in this press release that are not historical
facts may be forward-looking statements, including statements about
Seaspan's use of proceeds of the public offering. These
forward-looking statements involve risks and uncertainties that
could cause the outcome to be materially different. These risks and
uncertainties include, among others, those discussed in Seaspan's
public filings with the U.S. Securities and Exchange Commission.
Seaspan undertakes no obligation to revise or update any
forward-looking statements unless required to do so under the
securities laws.
For Investor Relations Inquiries:
Mr. Matt Borys
Investor Relations
Seaspan Corporation
Tel. 604-347-9184
Email: mborys@seaspanltd.ca
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content:http://www.prnewswire.com/news-releases/seaspan-closes-150-million-public-offering-of-series-i-fixed-to-floating-rate-cumulative-redeemable-perpetual-preferred-shares-300715439.html
SOURCE Seaspan Corporation