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Seaspan closes holding company reorganization to create Atlas
By Sarah Lizee
Olympia, Wash., Feb. 27 – Seaspan Corp. announced the closing of its previously announced holding company reorganization to create a new holding company, Atlas Corp.
In conjunction with the reorganization, Atlas expects to announce the closing of its acquisition of APR Energy Ltd.
Seaspan and APR will both become wholly owned subsidiaries of Atlas.
The reorganization was implemented through the merger of Seaspan's indirect wholly owned subsidiary into Seaspan, with Seaspan continuing as the surviving corporation and a direct wholly owned subsidiary of Atlas.
The reorganization was approved by Seaspan shareholders at the special meeting of shareholders held on Feb. 27 in Hong Kong. Of the 81% outstanding shares that voted, over 99% were in favor of the reorganization.
Under the reorganization, Seaspan shareholders will receive one Atlas common share and one Atlas preferred share, as applicable, for each Seaspan common share and each Seaspan preferred share they held immediately prior to the closing of the reorganization.
As previously reported, Seaspan said the last day of trading for its outstanding 5½% senior notes due 2025 and 5½% senior notes due 2026 on the New York Stock Exchange will be March 9. Seaspan also announced that it would delist its 7 1/8% $25-par senior secured notes (NYSE: SSWA) due Oct. 30, 2027 along with the 2025 and 2026 notes. The delisting of the 7 1/8% notes was expected to occur on the effective date of the reorganization, with Seaspan intending to redeem the notes on Oct. 10 at par plus accrued interest.
Seaspan is a Hong Kong-based shipping company.
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