Hong Kong-based containership owner Seaspan Corporation said it plans to offer shares of its Series I Preferred Shares in a registered public offering pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission.
Seaspan has also granted the underwriters a 30-day option to purchase additional Series I Preferred Shares.
Seaspan intends to use the net proceeds from the offering for general corporate purposes, which may include funding acquisitions, debt repayments and redeeming certain of Seaspan’s existing preferred shares.
Following the offering, the company intends to file an application to list the Series I Preferred Shares on The New York Stock Exchange.
Earlier in September, Seaspan closed a two-year USD 150 million revolving credit facility which will be used to fund investments, acquisitions and for general corporate purposes.
“The closing of our revolving credit facility is part of our continuous efforts to strengthen our capital structure and support our long-term growth strategy,” Bing Chen, President and Chief Executive Officer of Seaspan, said.