Seaspan announced that in connection with the previously announced public offering of its 8.20% Series G Cumulative Redeemable Perpetual Preferred Shares, the underwriters have exercised their option to purchase an additional 600,000 Series G Preferred Shares.
The sale of a total of 4,600,000 Series G Preferred Shares, including the additional 600,000 Series G Preferred Shares, closed today for gross proceeds of $115 million.
Seaspan intends to use the net proceeds of the offering for general corporate purposes, which may include funding acquisitions, funding capital expenditures on existing newbuild vessels and debt repayments. Seaspan has filed an application to list the Series G Preferred Shares on The New York Stock Exchange.
RBC Capital Markets, J.P. Morgan, Stifel and Incapital acted as joint book-running managers for the offering. BB&T Capital Markets, Janney Montgomery Scott, Ladenburg Thalmann, Wunderlich, FBR and Maxim Group LLC acted as co-managers for the offering.