Seaspan Prices USD 80 Mn Share Offer

Hong-Kong based shipping company Seaspan Corporation has priced a USD 80 million public offering of its 8.2% Series G Preferred Shares at USD 25 per share. 

The company said it intends to use the net proceeds for general corporate purposes, including funding acquisitions of equity interests in Greater China Intermodal Investments LLC (GCI), or GCI’s assets, as well as funding capital expenditures on existing newbuild vessels and debt repayments.

The offering is expected to close on August 25, 2016.

ICBC International Securities Limited (ICBC International), a subsidiary of the Industry and Commercial Bank of China Limited, acted as sole underwriter for the offering.

Seaspan’s managed fleet consists of 117 containerships representing a total capacity of over 930,000 TEU. It includes 13 newbuilding containerships on order, scheduled for delivery to Seaspan and third parties by the end of 2017.