Seaspan Targets USD 100 Mn in Shares Offering

Hong Kong’s Seaspan Corporation is planing to launch a USD 100 million public offering of its 8.2% series G cumulative redeemable perpetual preferred shares.

The company said that it intends to use the net proceeds of the offering for general corporate purposes, which may include funding acquisitions, funding capital expenditures on existing newbuild vessels and debt repayments.

The shares have been priced at USD 25 per share.

Seaspan has granted the underwriters of the offering a 30-day option to purchase up to an additional USD 15 million of series G preferred shares on the same terms and conditions. The offering is expected to close on June 16, 2016.

Following the offering, Seaspan intends to file an application to list the shares on The New York Stock Exchange.

RBC Capital Markets, J.P. Morgan, Stifel and Incapital are acting as joint book-running managers for the offering. BB&T Capital Markets, Janney Montgomery Scott, Ladenburg Thalmann, Wunderlich, FBR, and Maxim Group LLC, are acting as co-managers for the offering.

Seaspan’s managed fleet consists of 118 containerships representing a total capacity of over 935,000 TEU, including 14 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2017. The company’s current operating fleet of 89 vessels has an average age of approximately six years and average remaining lease period of six years, on a TEU weighted basis.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >