Seaspan Corporation has priced its previously announced $80 million public offering of its 8.20% Series G Cumulative Redeemable Perpetual Preferred Shares
Seaspan Corporation has priced its previously announced $80 million public offering of its 8.20% Series G Cumulative Redeemable Perpetual Preferred Shares at $25 per share, the company said in its press release. The offering is expected to close on August 25, 2016 .
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. ICBC International Securities Limited ("ICBC International"), a wholly owned subsidiary of the Industry and Commercial Bank of China Limited, acted as sole underwriter for the offering.
About Seaspan
Seaspan provides many of the world's major shipping lines with creative outsourcing alternatives to vessel ownership by offering long-term leases on large, modern containerships combined with industry leading ship management services. Seaspan's managed fleet consists of 117 containerships representing a total capacity of over 930,000 TEU, including 13 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2017. Seaspan's current operating fleet of 88 vessels has an average age of approximately six years and average remaining lease period of approximately five years, on a TEU weighted basi