By Andrea Heisinger
New York, Dec. 6 - Seaspan Corp. on Thursday priced $67.5 million, or 2.7 million shares, of 7.95% $25-par series D cumulative redeemable perpetual preferred stock, according to an FWP filing with the Securities and Exchange Commission.
Dividends will be paid on the 30th day of January, April, July and October, beginning Jan. 30. The preferred stock becomes redeemable on Jan. 30, 2018 at par plus accrued dividends.
The sale includes an over-allotment option of $10,125,000, to be exercised within 30 days, according to a press release.
Seaspan will apply to list the securities on the New York Stock Exchange.
Jefferies & Co., Incapital LLC and Credit Suisse Securities (USA) LLC are the joint bookrunners.
Proceeds will be used for general corporate purposes, which may include vessel acquisitions or investments.
Seaspan is a Hong Kong-based containership company.
| Issuer: | Seaspan Corp.
|
| Issue: | Series D cumulative redeemable preferred stock
|
| Amount: | $67.5 million (2.7 million shares)
|
| Greenshoe: | $10,125,000, within 30 days
|
| Maturity: | Perpetual
|
| Bookrunners: | Jefferies & Co., Incapital LLC, Credit Suisse Securities (USA) LLC
|
| Dividend: | 7.95%
|
| Price: | Par of $25.00
|
| Yield: | 7.95%
|
| Call: | On or after Jan. 30, 2018 at par plus accrued dividends
|
| Trade date: | Dec. 6
|
| Settlement date: | Dec. 13
|
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