HONG KONG, CHINA--(Marketwired - Feb 6, 2014) - Seaspan Corporation ("Seaspan") (SSW) announced today that it has priced its previously announced $125 million public offering of shares of its 8.25% Series E Cumulative Redeemable Perpetual Preferred Stock (the "Series E Preferred Shares") at $25 per share. Seaspan has granted the underwriters of the offering a 30-day option to purchase up to an additional $18.75 million of Series E Preferred Shares on the same terms and conditions. The offering is expected to close on February 13, 2014.
Seaspan intends to use the net proceeds from the offering for general corporate purposes and to file an application to list the Series E Preferred Shares on The New York Stock Exchange.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley, UBS Securities LLC, and Citigroup Global Markets Inc. are acting as joint book-running managers, and Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are acting as joint lead managers for the offering. The co-managers for this offering are Barclays, Incapital LLC, Ladenburg Thalmann & Co. Inc. and Maxim Group LLC.
When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, email: email@example.com; Morgan Stanley, 180 Varick Street, Second Floor, New York, NY 10014, Attention: Prospectus Delivery Department Email: firstname.lastname@example.org; UBS Securities LLC, 299 Park Avenue, New York, NY, 10171, Attention: Prospectus Department (tel: (877) 827-6444, ext. 564 3884); and Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (tel: (800) 831-9146).
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. Seaspan's managed fleet consists of 105 containerships representing a total capacity of over 800,000 TEU, including 32 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2016. Seaspan's current operating fleet of 71 vessels has an average age of approximately seven years and an average remaining lease period of approximately five years.
Seaspan's common shares, Series C preferred shares and Series D preferred shares are listed on The New York Stock Exchange under the symbols "SSW", "SSW PR C" and "SSW PR D", respectively.
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.