HONG KONG, Sept. 12, 2018 /PRNewswire/ - Seaspan Corporation
("Seaspan") (NYSE:SSW) announced today that it has priced
$150 million of its previously
announced public offering of Series I Fixed-to-Floating Rate
Cumulative Redeemable Perpetual Preferred Shares (the "Series I
Preferred Shares") at $25 per share.
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. The offering
is expected to close on September 19,
2018, subject to customary closing conditions.
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. Following the offering, Seaspan intends to file
an application to list the Series I Preferred Shares on The New
York Stock Exchange.
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. are acting
as joint book-running managers for the offering.
Copies of the prospectus supplement and accompanying base
prospectus related to the offering may be obtained from:
Morgan Stanley & Co. LLC, 180 Varick Street, Second Floor,
New York, NY 10014, Attn:
Prospectus Delivery or telephone: (866) 718-1649;
J.P. Morgan Securities LLC, 383 Madison Ave, New York, NY 10179, Attn: Investment Grade
Syndicate Desk or telephone (collect): (212) 834-4533;
RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor,
New York, NY 10281, email:
rbcnyfixedincomeprospectus@rbccm.com or telephone: (866)
375-6829;
UBS Securities LLC, Attention: Prospectus Specialist, 1285
Avenue of the Americas, New York,
NY 10019 or telephone: (888) 827-7275;
Stifel, Nicolaus & Company, Incorporated, One South Street, 15th Floor, Baltimore, MD 21202, Attn: Syndicate
Department or telephone: (855) 300-7136 or e-mail:
syndprospectus@stifel.com; or
Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or email:
prospectus@citi.com or telephone: (800) 831-9146.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The public offering
may be made only by means of a prospectus supplement and
accompanying base prospectus.
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 public offering and the use of proceeds thereof. These
forward-looking statements involve risks and uncertainties that
could cause the outcome to be materially different. These risks and
uncertainties include, among others, failure to close the public
offering and 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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SOURCE Seaspan Corporation