Seaspan Closes US$150M Public Offering

Seaspan

Seaspan announced the closing of its previously announced public offering of 6,000,000 Series I Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares for gross proceeds of $150 million. 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.

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.

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. acted as joint book-running managers for the offering.

LEAVE A COMMENT

×

Comments are closed.