Seaspan Offers Notes to Repay Debt

Hong Kong-based charter owner and manager of containerships Seaspan Corporation is planning to offer senior unsecured notes due 2027 in a registered public offering.

The company said it would use the net proceeds from the USD 80 million public offering to repay existing debt, in addition to other corporate purposes.

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

The notes will mature on October 30, 2027 and will bear interest at a rate of 7.125% per year, payable quarterly on each January 30, April 30, July 30 and October 30, beginning on January 30, 2018, Seaspan added.

Seaspan has granted the underwriters of the offering a 30-day option to purchase up to an additional USD 12 million of the notes on the same terms and conditions.

The offering is expected to close on October 10, 2017.

The company’s total borrowings stood at USD 3.1 billion at June 30, 2017.

Excluding two 4,250 TEU class vessels held for sale, Seaspan’s managed fleet consists of 110 containerships representing a total capacity of approximately 900,000 TEU, including 6 newbuilding containerships scheduled for delivery by the end of 2018.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 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 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

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 >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >