Seaspan to Raise USD 225 Mn from Share Offer

Seaspan Hong Kongs shipping firm Seaspan Corporation is looking to raise up to USD 225 million through the public offering of its 7.875% Series H Preferred Shares. Namely, the New York-listed company said that the shares are priced at USD 25 per share. In addition, Seaspan has granted the underwriters of the offering a 30-day option to purchase up to an additional USD 33.75 million of the shares under the same terms and conditions. The company said that it intends to use the net proceeds for general corporate purposes, including funding acquisition of equity interests in Greater China Intermodal Investments LLC (GCI), as well as funding capital expenditures on existing newbuild vessels and debt repayments. Following the offering, Seaspan intends to file an application to list the shares on The New York Stock Exchange. The offering is expected to close on August 11, 2016. Seaspans current operating fleet of 89 vessels has an average age of six years and average remaining lease period of five years, on a TEU weighted basis.