Seaspan raises $80m in public offering

Seaspan raises $80m in public offering

Seaspan has raised gross proceeds of $80m in a public offering, which it said may be used to buy a stake in Greater China Intermodal Investments (GCI) or its assets.

The NYSE-listed container line sold 3.2m of its 8.20% series G cumulative redeemable perpetual preferred shares at a price of $25 per share in an offering that closed today.

The proceeds will also be used to fund capital expenditures on existing newbuildings and debt repayments, as well as for general corporate purposes, Seaspan said in a release.

Earlier this month, Seaspan raised $225m, which will also partly fund the company’s acquisition of a stake in GCI, which is an investment vehicle established by an affiliate of the Carlyle Group.

Some 9m of Seaspan’s 7.875% series H cumulative redeemable perpetual preferred shares were sold in the offering, which closed on August 11. The units were sold at a price of $25 per share.

Seaspan’s CEO, Gerry Wang, has been chairman of GCI’s board of managers since 2011.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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