Seaspan plans to price add-on to 7.95% series D cumulative redeemable preferred stock

By Stephanie N. Rotondo

Phoenix, Nov. 5 - Seaspan Corp. has reopened its 7.95% series D cumulative redeemable preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Tuesday.

The company originally sold $67.5 million of the preferreds on Dec. 6. A $10,125,000 greenshoe was then exercised on Dec. 14, bringing total issuance up to $77,625,000.

BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) Inc. and Incapital are leading the add-on offering. Sterne Agee & Leach Inc. is the co-manager.

Dividends are payable on the 30th day of January, April, July and October. The company can call the preferreds on or after Jan. 30, 2018 at par plus accrued dividends.

Proceeds will be used for general corporate purposes, which may include vessel acquisitions.

The preferreds (NYSE: SSWPD) closed Monday's session at $25.37.

Seaspan is a Hong Kong-based containership company.

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