Atlas will exchange $52.2 million of Seaspan notes for Atlas notes

Chicago, May 13 – Atlas Corp. will exchange $52,198,825 of subsidiary Seaspan Corp.’s 7 1/8% notes due 2027 for a like principal amount of new Security and Exchange Commission-registered 7 1/8% notes due 2027 issued by Atlas, according to a news release.

The company was offering to exchange all $80 million of the notes.

The exchange offer expired at 5 p.m. ET on May 12 after an extension from May 5.

Settlement is planned for May 17.

The new notes will be listed on the Nasdaq Bond Exchange. Holders who did not participate in the offer will continue to hold unlisted Seaspan notes.

Previously reported, the terms of the new Atlas notes to be issued are similar except that they will be obligations of Atlas; will be redeemable on or after the second anniversary of their issuance at par plus interest; exclude a covenant requiring the primary business of Atlas and its subsidiaries, taken as a whole, be the direct or indirect ownership, management, operation, leasing or chartering of container vessels and containers and any business incidental thereto; and exclude a covenant requiring Atlas to provide holders with certain reports and information in the event of a cross default.

The offer was subject to a $40 million minimum tender condition.

D.F. King & Co., Inc. (212 709-3328 or atco@dfking.com) is the exchange agent and information agent.

Atlas is a Vancouver, B.C.-based global asset manager whose subsidiaries, Hong Kong-based Seaspan and APR Energy Ltd., operate in maritime and energy sectors.

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