Seaspan Corporation has closed an additional $500m funding via its portfolio financing program, cash it says will be used to repay five secured credit facilities and may also be used in part to finance the acquisition of vessels.
The finance program initially closed in May for $1bn, and has now increased to a total capacity of $1.5bn. The expanded program will be comprised of a $300m revolving credit facility and a $1.2bn term loan facility, and consists of a portfolio of 41 vessels.
Ryan Courson, chief financial officer of Seaspan, commented: “I am pleased to announce the closing of this expanded program, which represents a continued improvement to our capital structure and corporate flexibility.”
