HONG KONG, Jan. 16, 2019 /PRNewswire/ - Seaspan Corporation
("Seaspan") (NYSE: SSW) announced that it has prepaid a credit
facility which was secured by eight of its vessels. Upon completion
of the collateral release documentation in respect of this facility
and the facility prepaid in November
2018, this will expand Seaspan's pool of unencumbered
vessels to 321, from 241 as reported in its
press release dated November 26,
2018, and 18 as reported in its Q3 2018 earnings press
release.
Ryan Courson, Chief Financial
Officer of Seaspan, commented, "In line with our corporate goals,
Seaspan continues to reduce leverage and streamline its capital
structure, which will enhance our balance sheet flexibility going
forward."
Pro forma
Unencumbered Asset Pool1
|
TEU
Class
|
Vessel
Count
|
2500
|
10
|
3500
|
2
|
4250
|
14
|
8500
|
2
|
9600
|
2
|
10000
|
2
|
Total
|
32
|
1 Includes vessels
securing debt which has been repaid in November 2018 and January
2019, pending completion of collateral release
documentation.
|
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 4 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
|
SSW PR I
|
Series I 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
|
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 and our operations,
performance and financial condition, including, in particular, the
likelihood of our success in developing and expanding our business.
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 views
only as of the date of this release and are not intended to give
any assurance as to future results. As a result, you are cautioned
not to rely on any forward-looking statements. Forward-looking
statements appear in a number of places in this release. Although
these statements are based upon assumptions 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: failure to have security interest released from
the aforementioned assets; and other factors detailed from time to
time in our periodic reports and filings with the Securities and
Exchange Commission, including Seaspan's Annual Report on Form 20-F
for the year ended December 31, 2017.
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.
Investor Inquiries:
Mr. Matt Borys
Investor Relations
Seaspan Corporation
Tel. +1-778-328-5340
Email: mborys@seaspanltd.ca
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SOURCE Seaspan Corporation