HONG KONG, Oct. 2, 2017 /PRNewswire/ - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today that it plans to offer senior unsecured notes due 2027 (the "Notes") in a registered public offering pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. Seaspan has also granted the underwriters a 30-day option to purchase additional Notes.
Seaspan intends to use the net proceeds from the offering to repay existing indebtedness and for general corporate purposes. Following the offering, Seaspan intends to file an application to list the Notes on The New York Stock Exchange.
RBC Capital Markets and Stifel will act as joint book-running managers for the offering. FBR, Janney Montgomery Scott and Incapital will act as joint lead managers for the offering. BB&T Capital Markets, Ladenburg Thalmann & Co. Inc., William Blair, CL King and Maxim Group LLC will act as co-managers for the offering.
When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281, email: firstname.lastname@example.org or telephone: (866) 375-6829, and from Stifel, Nicolaus & Company, Incorporated at One South Street, 15th Floor, Baltimore, MD 21202, Attn: Syndicate Department, or telephone: 1-855-300-7136, or e-mail: email@example.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus supplement and accompanying base prospectus.
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. Excluding the two 4250 TEU class vessels which are being sold, Seaspan's managed fleet consists of 110 containerships representing a total capacity of approximately 900,000 TEU, including 6 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2018. Seaspan's current operating fleet of 88 vessels, excluding the two 4250 TEU classes vessels which are being sold, has an average age of approximately six years and average remaining lease period of approximately five years, on a TEU weighted basis.
Seaspan has the following securities listed on The New York Stock Exchange:
Class A common shares
SSW PR D
Series D preferred shares
SSW PR E
Series E preferred shares
SSW PR G
Series G preferred shares
SSW PR H
Series H preferred shares
6.375% senior unsecured notes due 2019
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, among others, those discussed in Seaspan's public filings with the SEC. Seaspan undertakes no obligation to revise or update any forward-looking statements unless required to do so under the securities laws.
For Investor Relations Inquiries:
Mr. David Spivak
Chief Financial Officer
Mr. Michael Sieffert
Director, Corporate Finance
For Media Inquiries:
Mr. Leon Berman
The IGB Group
SOURCE Seaspan Corporation