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Seaspan readies stock offering

Seaspan Corporation plans to offer 5m of its Class A common shares in an underwritten registered public offering. Seaspan intends to grant the underwriters a 30-day option to purchase up to 750,000 additional common shares.

Seaspan’s chief executive officer Gerry Wang and affiliates of one of Seaspan’s directors and of Dennis Washington have committed to purchase directly from Seaspan, at the public offering price, an aggregate of $15m of common shares concurrently with the closing of the proposed public offering.

Seaspan intends to use approximately $85m of the net proceeds from the proposed public offering and the concurrent private sale to redeem a portion of its outstanding 9.50% Series C cumulative redeemable perpetual preferred shares, and the remainder for general corporate purposes. Any such redemption of Series C preferred shares would be in addition to the redemption of 5.6m Series C preferred shares previously announced by Seaspan.

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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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