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Seaspan’s 7.875% cumulative redeemable preferreds list on NYSE
By Stephanie N. Rotondo
Seattle, Aug. 16 – Seaspan Corp.’s $225 million of 7.875% series H cumulative redeemable perpetual preferred stock was admitted to the New York Stock Exchange on Tuesday.
The ticker is “SSWPH.” The deal priced Aug. 4. Price talk was 8% to 8.125%, a market source reported. The non-rated deal was upsized from $75 million.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC and Citigroup Global Markets Inc. were the joint bookrunners. Janney Montgomery Scott LLC, BB&T Capital Markets, Ladenburg Thalmann & Co., Wunderlich Securities Inc., FBR Capital Markets LLC and Incapital LLC were the co-managers.
Dividends will be payable on the 30th day of January, April, July and October, beginning Oct. 30. The preferreds become redeemable on or after Aug. 11, 2021 at par plus accrued dividends.
The Hong Kong-based shipping company will use proceeds for general corporate purposes.
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