HONG KONG, CHINA--(Marketwired - May 24, 2016) - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today
that it priced its previously announced public offering of 5,000,000 Class A common shares (the "Common Shares") at $14.70 per
share. Seaspan has granted the underwriters of the offering a 30-day option to purchase up to an additional 750,000 Common
Shares. The offering is expected to close on May 27, 2016.
Seaspan's chief executive officer and affiliates of one of Seaspan's directors and of Dennis Washington have agreed to
purchase directly from Seaspan, at the public offering price, an aggregate of $15 million of Common Shares concurrently with the
closing of the public offering.
Seaspan intends to use approximately $85 million of the net proceeds from the public offering and the concurrent private sale
to redeem a portion of its outstanding 9.50% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred
Shares"), and the remainder for general corporate purposes. Any such redemption of Series C Preferred Shares would be in addition
to the redemption of 5,600,000 Series C Preferred Shares previously announced by Seaspan.
Wells Fargo Securities, Morgan Stanley, UBS Investment Bank, Credit Suisse, J.P. Morgan and Stifel will act as joint
book-running managers for the public offering. RBC Capital Markets, BB&T, Janney Montgomery Scott, Ladenburg Thalmann, ABN
AMRO, BNP PARIBAS, and Santander will act as co-managers for the offering.
When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained
from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, telephone:
1-800-326-5897, or email: cmclientsupport@wellsfargo.com;
Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; UBS Investment
Bank, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, or telephone 1-888-827-7275; Credit
Suisse Prospectus Department, One Madison Avenue, New York, NY 10010; telephone: 1-800-221-1037, or e-mail: newyork.prospectus@credit-suisse.com; J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or telephone: 1-866-803-9204; or
Stifel at One South Street, 15th Floor, Baltimore, MD 21202, Attn: Syndicate Department, or telephone: 1-855-300-7136, or e-mail:
syndprospectus@stifel.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The public
offering may be made only by means of a prospectus supplement and accompanying base prospectus.
About Seaspan
Seaspan provides many of the world's major shipping lines with creative outsourcing alternatives to vessel ownership by
offering long-term leases on large, modern containerships combined with industry leading ship management
services. Seaspan's managed fleet consists of 118 containerships representing a total capacity of over 935,000 TEU,
including 15 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of
2017. Seaspan's current operating fleet of 88 vessels has an average age of approximately six years and average
remaining lease period of approximately five years, on a TEU weighted basis.
Seaspan has the following securities listed on The New York Stock Exchange:
| Symbol: |
Description: |
| |
|
| SSW |
Class A common shares |
| SSW PR C |
Series C preferred shares |
| SSW PR D |
Series D preferred shares |
| SSW PR E |
Series E preferred shares |
| SSWN |
6.375% senior unsecured notes due 2019 |
Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements, including statements
about Seaspan's public offering and concurrent private sale, and the use of proceeds thereof. These forward-looking statements
involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include,
among others, failure to close the public offering and concurrent private sale and those discussed in Seaspan's public filings
with the U.S. Securities and Exchange Commission. Seaspan undertakes no obligation to revise or update any forward-looking
statements unless required to do so under the securities laws.