Seaspan inks ‘at the market’ agreement to sell up to $150 million of four series of preferreds

By Stephanie N. Rotondo

Seattle, Nov. 7 – Seaspan Corp. is working with FBR Capital Markets & Co. on an “at-the-market” offering of up to $150 million of preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Under the agreement, FBR will sell Seaspan’s 7.95% series D cumulative redeemable perpetual preferreds (NYSE: SSWPD), its 8.25% series E cumulative redeemable perpetual preferreds (NYSE: SSWPE), its 8.2% series G cumulative redeemable perpetual preferreds (NYSE: SSWPG) and/or its 7.875% series H cumulative redeemable perpetual preferreds (NYSE: SSWPH).

Proceeds will be used for general corporate purposes, including funding of acquisitions, funding capital expenditures on existing newbuild vessels and for debt repayments.

Seaspan is a Hong Kong-based containership company.

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