Seaspan announced that it has priced $150 million of its previously announced public offering of Series I Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares at $25 per share.
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. The offering is expected to close on September 19, 2018, subject to customary closing conditions.
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, Seaspan intends to file an application to list the Series I Preferred Shares on The New York Stock Exchange.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC, UBS Securities LLC, Stifel, Nicolaus & Company, Incorporated and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering.