Seaspan announced that the sale of its previously announced public offering of 9,000,000 7.875% Series H Cumulative Redeemable Perpetual Preferred Shares closed for gross proceeds of $225 million.
The underwriters retain an option, which expires on September 2, 2016, to purchase up to an additional 1,350,000 Series H Preferred Shares.
Seaspan intends to use the net proceeds of the offering for general corporate purposes, which may include funding acquisitions (which may include equity interests in Greater China Intermodal Investments LLC (“GCI”) or assets of GCI), funding capital expenditures on existing newbuild vessels and debt repayments. Seaspan has filed an application to list the Series H Preferred Shares on The New York Stock Exchange.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley, J.P. Morgan, RBC Capital Markets and Citigroup Global Markets Inc. acted as joint book-running managers for the offering. Janney Montgomery Scott, BB&T Capital Markets, Ladenburg Thalmann, Wunderlich, FBR and Incapital acted as co-managers for the offering.