HONG KONG, Oct. 2, 2017 /CNW/ - Seaspan Corporation
("Seaspan") (NYSE:SSW) announced today that it has priced its previously announced $80 million
public offering of senior unsecured notes due 2027 (the "Notes"). 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 has granted the underwriters of the offering a
30-day option to purchase up to an additional $12 million of the Notes on the same terms and
conditions. The offering is expected to close on October 10, 2017.
Seaspan intends to use the net proceeds from the offering to repay existing indebtedness and for general corporate purposes.
Following the offering, Seaspan intends to file an application to list the Notes on The New York Stock Exchange.
RBC Capital Markets and Stifel are acting as joint book-running managers for the offering. FBR, Janney
Montgomery Scott and Incapital are acting as joint lead managers for the offering. BB&T Capital Markets, Ladenburg
Thalmann & Co. Inc., William Blair, CL King and Maxim Group LLC are acting 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 RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281, email:
rbcnyfixedincomeprospectus@rbccm.com or
telephone: (866) 375-6829, and from Stifel, Nicolaus & Company, Incorporated 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 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. Excluding two
4250 TEU class vessels which are being sold, Seaspan's managed fleet consists of 110 containerships representing a total
capacity of approximately 900,000 TEU, including 6 newbuilding containerships on order scheduled for delivery
to Seaspan and third parties by the end of 2018. Seaspan's current operating fleet of 88 vessels, excluding
two 4250 TEU classes vessels which are being sold, 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 D
|
Series D preferred shares
|
SSW PR E
|
Series E preferred shares
|
SSW PR G
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Series G preferred shares
|
SSW PR H
|
Series H 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. These forward-looking
statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties
include, among others, those discussed in Seaspan's public filings with the SEC. Seaspan undertakes no obligation to revise or
update any forward-looking statements unless required to do so under the securities laws.
For Investor Relations Inquiries:
Mr. David Spivak
Chief Financial Officer
Seaspan Corporation
Tel. 604-638-2580
Mr. Michael Sieffert
Director, Corporate Finance
Seaspan Corporation
Tel. 778-328-6490
For Media Inquiries:
Mr. Leon Berman
The IGB Group
Tel. 212-477-8438
SOURCE Seaspan Corporation
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