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Seaspan raises US$540 million in share sale, borrowings to ease financing

SEASPAN Corporation has entered into US$540 million of debt and equity financings, after issuing $140 million of 6.95 per cent of preferred shares, renewing a total of $150 million in unsecured revolving loan facility with various banks, and entering into a $250 million, 17-year lease financing arrangement.

Seaspan raises US$540 million in share sale, borrowings to ease financing
31 May 2016 - 21:10

Seaspan raises US$540 million in share sale, borrowings to ease financing
SEASPAN Corporation has entered into US$540 million of debt and equity financings, after issuing $140 million of 6.95 per cent of preferred shares, renewing a total of $150 million in unsecured revolving loan facility with various banks, and entering into a $250 million, 17-year lease financing arrangement.
"We are pleased to announce that we have accessed over $540 million in attractively priced capital, which further strengthens our financial position and enhances our financial flexibility," said CEO Gerry Wang, who's company is headquartered in Vancouver, but administered from Hong Kong.
"Since our initial public offering in 2005 Seaspan has raised over $12 billion in capital," Mr Wang said.
The $140 million of 6.95 per cent series F cumulative convertible perpetual preferred shares were issued to a third party investor based in Asia. The holder of the preferred shares has the right to convert these shares into Seaspan common shares at a conversion price of $18 per share. 
The revolving loan facility will be used to fund vessels under construction and for general corporate purposes, and will expire on April 30, 2017. 
The proceeds from the 17-year lease financing arrangement with an Asian-based leasing company to fund the construction and delivery of three 11,000 TEU newbuild containerships that are to commence 17-year charters upon deliveries, expected during 2017. 

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