Seaspan Completes First Tranche of Investment with Fairfax

MoneyIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Hong Kong-based Seaspan Corporation revealed that Fairfax Financial Holdings exercised all the warrants issued to the company on the closing of its first debenture investment of USD 250 million on February 14, 2018.

The company said that the move resulted in the acquisition of some 38.46 million Class A common shares by Fairfax at an exercise price of USD 6.50 per share for proceeds of USD 250 million.

The exercise of these warrants is part of an earlier agreement with Fairfax, revealed on May 31, 2018. Under the terms of the transaction, upon exercise of the warrants issued to Fairfax, in January 2019 Fairfax would acquire 38.46 million Class A common shares at an exercise price of USD 6.50 per share, for a total equity investment of USD 500 million.

In consideration for the early exercise of these two tranches of warrants, which by their terms would not have expired until 2025 and 2026, Seaspan issued additional warrants to Fairfax to acquire 25 million Class A common shares at an exercise price of USD 8.05 per share, to allow Fairfax to call for early redemption of those debentures.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 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

Offshore Wind Europe 2018

The Offshore Wind Europe speaker line-up is supported by executives who are leading the charge…

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 >

Petrochemical Supply Chain & Logistics Conference & Exhibition

The Petrochemical Supply Chain & Logistics Conference & Exhibition (15 – 16th November, Houston) is positioned at the forefront of the booming Petrochemical industry in North America.

This industry leading event is regarded as the most significant meeting place for supply chain & logistics professionals, where they meet to do business.

More Info

read more >

DREDGING FOR SUSTAINABLE INFRASTRUCTURE

The two-day-long programme offers six highly interactive sessions with contributions from…

read more >