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Seaspan Corporation Message Board

  • urbanira urbanira Jan 22, 2009 8:31 PM Flag

    SSW news release

    HONG KONG, CHINA, Jan 22, 2009 (Marketwire via COMTEX News Network) -- Seaspan Corporation (NYSE:SSW) announced today an agreement to issue and sell Series A Preferred Stock to Dennis R. Washington, Kevin L. Washington, Kyle R. Washington, who is the Company's chairman and Graham Porter, through their respective affiliates, for $200 million. Dennis R. Washington will invest $160 million and the others will invest an aggregate of $40 million.

    The preferred shares will automatically convert into Seaspan's common shares at an exercise price of $15.00 at any time on or after January 31, 2014 if the trailing 30 day average trading price of the common shares is equal to or above $15.00. The exercise price represents a premium of approximately 57% to today's closing price of the common shares of $9.54.

    If at any time on or after January 31, 2014 the trailing 30 day average price of the common shares is less than $15.00, Seaspan has the option to convert the preferred shares at an exercise price of $15.00 and pay the investor 115% of the difference between the exercise price and the trailing 30 day average price of the common shares, payable in cash or common shares at Seaspan's option.

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