Seaspan Corporation has announced that it has entered into over $540m of debt and equity financing.
Seaspan issued $140m of 6.95% Series F Cumulative Convertible Perpetual Preferred Shares to a third party investor based in Asia and recently completed the renewal of its 364-day unsecured, revolving loan facility with various banks for a total commitment of $150m. It also entered into a 17-year lease financing arrangement with an Asian-based leasing company for gross proceeds of over $250m.
“We are pleased to announce that we have accessed over $540 million in attractively priced capital, which further strengthens our financial position and enhances our financial flexibility. Seaspan’s consistent ability to access diverse and innovative sources of capital reflects our leadership position in the market, and the breadth of our relationships with capital providers. Since our initial public offering in 2005 Seaspan has raised over $12 billion in capital,” said Gerry Wang, chief executive officer, co-chairman, and co-founder of Seaspan.
Season also announced that it has entered into a five-year employment agreement with its CEO, Gerry Wang, effective until May 2021.