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HONG KONG, Sept. 19, 2019 /PRNewswire/ – Seaspan Corporation (“Seaspan”) (SSW) arise today the closing of a $500 actor access (the “Accordion”) to its portfolio costs affairs (the “Program”). The Affairs initially bankrupt on May 15, 2019 with a absolute accommodation of $1.0 billion, and consecutive to closing of the Accordion, has a absolute accommodation of $1.5 billion.
Net gain from the Affairs are advised to be acclimated to accord bristles anchored acclaim facilities, for accepted accumulated purposes, and may be acclimated in allotment to accounts the accretion of vessels. The broadcast Affairs will be comprised of a $300 actor revolving acclaim adeptness (“RCF”), added from $200 million, and a $1.2 billion appellation accommodation adeptness (“TLA”), added from $800 million. The TLA is accepted to be absolutely utilized. There is accepted to be undrawn committed accommodation actual beneath the RCF, which will accommodate incremental accumulated liquidity. The broadcast Affairs is accepted to abide of a portfolio of 41 vessels, which may change over time as argosy are added or removed.
Ryan Courson, Chief Banking Officer said, “I am admiring to advertise the closing of this broadcast Program, which represents a connected advance to our basic anatomy and accumulated flexibility. The Affairs was able-bodied accustomed by our lending partners, and was essentially oversubscribed. We accept already amorphous to apprehend strategic, as able-bodied as banking allowances from the Program, and we apprehend it to advisedly enhance Seaspan’s adeptness to accomplish its cardinal objectives activity forward.”
Seaspan is a arch absolute allotment buyer and abettor of containerships with industry arch address administration services. We allotment our argosy primarily pursuant to long-term, fixed-rate, time charters to the world’s better alembic aircraft liners. Seaspan’s operating agile consists of 112 containerships with a absolute accommodation of added than 900,000 TEU, an boilerplate age of about seven years and an boilerplate actual allotment aeon of about four years, on a TEU-weighted basis.
Seaspan has the afterward balance listed on The New York Stock Exchange:
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
7.125% Senior Unsecured Notes due 2027
5.500% Senior Notes due 2025
5.500% Senior Notes due 2026
Cautionary Note Regarding Forward-Looking Statements
This absolution contains assertive advanced statements (as such appellation is authentic in Section 21E of the Balance Exchange Act of 1934, as amended) apropos approaching contest and our operations, achievement and banking condition. Statements that are predictive in nature, that depend aloft or accredit to approaching contest or conditions, or that accommodate words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “projects”, “forecasts”, “will”, “may”, “potential”, “should”, and agnate expressions are advanced attractive statements. These advanced statements reflect management’s accepted angle alone as of the date of this absolution and are not advised to accord any affirmation as to approaching results. As a result, you are cautioned not to await on any advanced statements. Advanced statements arise in a cardinal of places in this release. Although these statements are based aloft assumptions we accept to be reasonable based aloft accessible information, they are accountable to risks and uncertainties. These risks and uncertainties include, but are not bound to: our banking action and liquidity; accepted bazaar altitude and aircraft bazaar trends; adeptness to defended the absolution of aegis beneath repaid facilities; and added factors abundant from time to time in our alternate letters and filings with the Balance and Exchange Commission, including Seaspan’s Annual Report on Form 20-F for the year concluded December 31, 2018. We especially abandon any obligation to amend or alter any of these advanced statements, whether because of approaching events, new information, a change in our angle or expectations, or otherwise. We accomplish no anticipation or account about the achievement of any of our securities.
Mr. Matt BorysInvestor RelationsSeaspan CorporationTel. 1-778-328-5340Email: [email protected]
View aboriginal content:http://www.prnewswire.com/news-releases/seaspan-announces-closing-of-500-million-accordion-increasing-portfolio-financing-program-to-1-5-billion-300921437.html
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