By Lisa Kerner
Charlotte, N.C., Oct. 1 - Seaspan Corp. closed the second and final tranche of $100 million of its 12% series A preferred stock.
The company said it sold 100,000 preferreds to investors including Seaspan chairman Kyle R. Washington, Dennis R. Washington, Kevin L. Washington and Graham Porter.
Seaspan priced the $200 million private placement in January 2009 and closed the first tranche of $100 million on Jan. 30, 2009, according to a company news release.
The preferreds have a conversion price of $15.00.
"With the closing of the $200 million preferred issuance, we have further improved Seaspan's capital structure and strengthened its financial flexibility," Seaspan chief executive officer Gerry Wang said in the release.
"Importantly, cash retained from operations combined with secured committed financing provide for nearly all of the capital needed to finance our contracted fleet growth," Wang said.
Seaspan is a Hong Kong company incorporated in the Marshall Islands that owns and charters containerships.
| Issuer: | Seaspan Corp.
|
| Issue: | Series A preferred stock
|
| Amount: | $200 million
|
| Dividends: | 12%
|
| Conversion price: | $15.00
|
| Pricing date: | Jan. 22, 2009
|
| Settlement date: | Jan. 30, 2009 (for first $100 million); Oct. 1 (for second $100 million)
|
| Distribution: | Private placement
|
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