Seaspan Collects USD 115 Mn by Selling Shares

Hong Kong’s Seaspan Corporation today closed the sale of its series G preferred shares for gross proceeds of USD 115 million.

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.

Seaspan sold a total of 4.6 million series G preferred shares, including an additional 600,000 shares under the option exercised by the underwriters.

The shares have been priced at USD 25 per share.

Additionally, Seaspan filed an application to list the series G preferred shares on The New York Stock Exchange.

The company revealed its plans to launch a USD 100 million public offering of its 8.2% series G cumulative redeemable perpetual preferred shares last week.

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.

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