HONG KONG, Sept. 19, 2019 /CNW/ - Seaspan Corporation
("Seaspan") (NYSE:SSW) announced today the closing of a
$500 million increase (the
"Accordion") to its portfolio financing program (the "Program").
The Program initially closed on May 15,
2019 with a total capacity of $1.0
billion, and subsequent to closing of the Accordion, has a
total capacity of $1.5 billion.
Net proceeds from the Program are intended to be used to repay
five secured credit facilities, for general corporate purposes, and
may be used in part to finance the acquisition of vessels. The
expanded Program will be comprised of a $300
million revolving credit facility ("RCF"), increased from
$200 million, and a $1.2 billion term loan facility ("TLA"),
increased from $800 million. The TLA
is expected to be fully utilized. There is expected to be undrawn
committed capacity remaining under the RCF, which will provide
incremental corporate liquidity. The expanded Program is expected
to consist of a portfolio of 41 vessels, which may change over time
as vessels are added or removed.
Ryan Courson, Chief Financial
Officer said, "I am pleased to announce the closing of this
expanded Program, which represents a continued improvement to our
capital structure and corporate flexibility. The Program was well
received by our lending partners, and was substantially
oversubscribed. We have already begun to realize strategic, as well
as financial benefits from the Program, and we expect it to
meaningfully enhance Seaspan's ability to achieve its strategic
objectives going forward."
About Seaspan
Seaspan is a leading independent charter owner and operator
of containerships with industry leading ship management services.
We charter our vessels primarily pursuant to long-term, fixed-rate,
time charters to the world's largest container shipping liners.
Seaspan's operating fleet consists of 112 containerships with a
total capacity of more than 900,000 TEU, an average age of
approximately seven years and an average remaining lease period of
approximately four years, on a TEU-weighted basis.
Seaspan has the following securities listed on The New York
Stock Exchange:
|
Symbol:
|
Description:
|
|
SSW
|
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
|
|
SSW PR I
|
Series I Preferred
Shares
|
|
SSWA
|
7.125% Senior
Unsecured Notes due 2027
|
|
SSW25
|
5.500% Senior Notes
due 2025
|
|
SSW26
|
5.500% Senior Notes
due 2026
|
Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements (as
such term is defined in Section 21E of the Securities Exchange Act
of 1934, as amended) concerning future events and our operations,
performance and financial condition. Statements that are predictive
in nature, that depend upon or refer to future events or
conditions, or that include words such as "expects", "anticipates",
"intends", "plans", "believes", "estimates", "projects",
"forecasts", "will", "may", "potential", "should", and similar
expressions are forward looking statements. These forward-looking
statements reflect management's current views only as of the date
of this release and are not intended to give any assurance as to
future results. As a result, you are cautioned not to rely on any
forward-looking statements. Forward-looking statements appear in a
number of places in this release. Although these statements are
based upon assumptions we believe to be reasonable based upon
available information, they are subject to risks and uncertainties.
These risks and uncertainties include, but are not limited to: our
financial condition and liquidity; general market conditions and
shipping market trends; ability to secure the release of security
under repaid facilities; and other factors detailed from time to
time in our periodic reports and filings with the Securities and
Exchange Commission, including Seaspan's Annual Report on Form 20-F
for the year ended December 31, 2018.
We expressly disclaim any obligation to update or revise any of
these forward-looking statements, whether because of future events,
new information, a change in our views or expectations, or
otherwise. We make no prediction or statement about the performance
of any of our securities.
Investor Inquiries:
Mr. Matt Borys
Investor Relations
Seaspan Corporation
Tel. +1-778-328-5340
Email: mborys@seaspanltd.ca
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SOURCE Seaspan Corporation
