Seaspan Corp Sells USD 225 Mn Worth of Shares

Hong Kong-based containership owner Seaspan Corporation has closed its previously announced USD 225 million public offering of Series H Preferred Shares.

The offer included a total of 9 million, or 7.8 percent, of the company’s shares, which were priced at USD 25 per share.

The company said that it intends to use the net proceeds for general corporate purposes, including funding acquisition of equity interests in Greater China Intermodal Investments LLC (GCI), as well as funding capital expenditures on existing newbuild vessels and debt repayments.

Furthermore, Seaspan said that the underwriters retain an option to purchase up to an additional 1.35 million of shares, which expires on September 2, 2016.

Seaspan has filed an application to list the Series H Preferred Shares on The New York Stock Exchange.

During the second quarter of 2016, the company saw a drop of over 55% in its net earnings to USD 36.4 million, against the net earnings of USD 81.3 million seen in the same quarter a year earlier, despite the addition of a number of boxships during the quarter.

However, the delivery of newbuilding vessels in 2015 and 2016 and the additional two leased in vessels in 2016 pushed Seaspan’s revenue for the period up by 12.6% to USD 224.3 million.

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