Seaspan to redeem a portion of 9.5% series C perpetual preferreds

By Marisa Wong

Morgantown, W.Va., May 23 – Seaspan Corp. announced it will redeem 5.6 million shares of its 9.5% series C cumulative redeemable perpetual preferred shares on June 7.

The series C preferreds will be redeemed at $25.00 per share, plus an amount equal to all accumulated and unpaid dividends, pro-rated for the period from and including April 30 to but excluding the redemption date.

The 5.6 million shares called represent roughly 42% of the company’s 13,321,774 outstanding series C preferred shares.

Seaspan said it intends to use about $85 million of proceeds from a common stock offering to redeem additional series C preferreds. This redemption will be announced once the stock offering is completed.

Seaspan is a Hong Kong-based containership company.

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