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>

<< Oct 2018 >>
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

5th Mozambique Gas Summit & Exhibition

CWC Group in partnership with ENH and with the support and participation from MIREME and INP…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Offshore Energy Exhibition & Conference (OEEC)

It is unique in bringing together the oil and gas, offshore wind and marine energy industry…

read more >

Seatrade Maritime Middle East

The three days will include a thought-provoking, educational conference programme…

read more >