Seaspan boosts war chest with eye on Greater China International takeover

Seaspan boosts war chest with eye on Greater China International takeover

Seaspan continues to build its war chest with an eye on taking over the Greater China International fleet.

Yesterday it announced plans for a $225m offering of 7.875% perpetual preferred shares in New York.

As well as general corporate purposes and funding newbuilds, the Gerry Wang-led Seaspan said the new funds could be used to buy more into Greater China International.

Seaspan has granted the underwriters of the offering a 30-day option to purchase up to an additional $33.75m of the same shares. All shares are priced at $25 each.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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