Seaspan Corporation announced that it has priced its $250 million public offering of shares of its Series C Cumulative Redeemable Perpetual Preferred Stock (the "Series C Preferred Shares")
at $25 per share. Dividends will be payable on the Series C Preferred Shares at an initial rate of 9.5% per annum of the stated liquidation preference. The offering is expected to close on January 28, 2011.
Seaspan intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments. Following the offering, Seaspan intends to file an application to list the Series C Preferred Shares on the New York Stock Exchange.
BofA Merrill Lynch is the sole book-running manager and structuring agent for the offering. Citi, Credit Suisse, Dahlman Rose & Company, BNP PARIBAS, and DnB NOR Markets are the co-managers.
at $25 per share. Dividends will be payable on the Series C Preferred Shares at an initial rate of 9.5% per annum of the stated liquidation preference. The offering is expected to close on January 28, 2011.
Seaspan intends to use the net proceeds from the offering for general corporate purposes, which may include making vessel acquisitions or investments. Following the offering, Seaspan intends to file an application to list the Series C Preferred Shares on the New York Stock Exchange.
BofA Merrill Lynch is the sole book-running manager and structuring agent for the offering. Citi, Credit Suisse, Dahlman Rose & Company, BNP PARIBAS, and DnB NOR Markets are the co-managers.