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Seaspan to delist 7 1/8% $25-par notes due 2027 with reorganization
By Rebecca Melvin
New York, Jan. 17 – Seaspan Corp. announced that it will delist its outstanding 7 1/8% $25-par senior secured notes (NYSE: SSWA) due Oct. 30, 2027 from the New York Stock Exchange in connection with its proposed reorganization.
The delisting is expected to occur on the effective date of the reorganization, with Seaspan intending to redeem the notes on Oct. 10, 2020 at par plus accrued interest.
Under the proposed reorganization, Seaspan will become a wholly owned subsidiary of Atlas Corp. with holders of Seaspan common and preferred shares becoming holders of Atlas securities. Atlas will apply to list the shares on the NYSE and Seaspan will apply to cease to be a registered issuer.
The Hong Kong-based shipping company will use the proceeds for general corporate purposes.
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