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Seaspan plans to sell $75 million cumulative redeemable preferreds; price talk 8%-8.125%
By Stephanie N. Rotondo
Seattle, Aug. 4 – Seaspan Corp. is offering $75 million of series H cumulative redeemable perpetual preferred stock, according to a press release on Thursday.
Price talk is 8% to 8.125%, a market source reported.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC and Citigroup Global Markets Inc. are the joint bookrunners. Janney Montgomery Scott LLC, BB&T Capital Markets, Ladenburg Thalmann & Co., Wunderlich Securities Inc. and Incapital LLC are the co-managers.
Dividends will be payable on the 30th day of January, April, July and October, beginning Oct. 30. The preferreds become redeemable in August 2021 at par plus accrued dividends.
The new securities will be listed on the New York Stock Exchange.
The Hong Kong-based shipping company will use the proceeds for general corporate purposes.
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