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Published on 5/6/2021 in the Prospect News Canadian Bonds Daily, Prospect News Emerging Markets Daily, Prospect News High Yield Daily and Prospect News Liability Management Daily.

Atlas extends offer to trade $80 million Seaspan notes for Atlas notes

Chicago, May 6 – Atlas Corp. is extending its offer to exchange up to $80 million of subsidiary Seaspan Corp.’s 7 1/8% notes due 2027 for a like principal amount of new Security and Exchange Commission-registered 7 1/8% notes due 2027 issued by Atlas, according to a news release.

The offer now ends on 5 p.m. ET on May 12, pushed back from 5 p.m. ET on May 5.

The withdrawal deadline has also been extended to the new expiration date.

As of the previous deadline, Atlas had received tenders for $49,793,775 of the notes.

Previously reported, the terms of the new Atlas notes to be issued are similar except that they will be obligations of Atlas; will be redeemable on or after the second anniversary of their issuance at par plus interest; exclude a covenant requiring the primary business of Atlas and its subsidiaries, taken as a whole, be the direct or indirect ownership, management, operation, leasing or chartering of container vessels and containers and any business incidental thereto; and exclude a covenant requiring Atlas to provide holders with certain reports and information in the event of a cross default.

Settlement is now scheduled for May 17, moved from May 10.

The offer is subject to a $40 million minimum tender condition.

D.F. King & Co., Inc. (212 709-3328 or atco@dfking.com) is the exchange agent and information agent.

Atlas is a Vancouver, B.C.-based global asset manager whose subsidiaries, Hong Kong-based Seaspan and APR Energy Ltd., operate in maritime and energy sectors.


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