Seaspan Corporation has priced its previously announced public offering of Series I Preferred Shares at USD 25 per share.
The company said that the USD 150 million offering is expected to close on September 19, 2018, subject to customary closing conditions.
Dividends will be payable on the Series I Preferred Shares to October 30, 2023 at a fixed rate equal to 8.00% per annum and from October 30, 2023, if not redeemed, at a floating rate.
Seaspan informed that it plans 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, Seaspan intends to file an application to list the Series I Preferred Shares on The New York Stock Exchange.