HONG KONG, March 27, 2019 /PRNewswire/ - Seaspan Corporation
("Seaspan") (NYSE: SSW) announced that it has partially prepaid two
credit facilities. Upon completion of all collateral release
documentation, this will expand Seaspan's pool of unencumbered
vessels to 371, from 32 as reported in its press release
dated January 16, 2019.
Ryan Courson, Chief Financial
Officer of Seaspan, commented, "We continue to execute on our
near-term capital strategy to strengthen our balance sheet by
deleveraging, increasing our unencumbered fleet, and consolidating
our secured credit facilities."
|
Pro forma
Unencumbered Asset Pool1
|
|
TEU
Class
|
|
Vessel
Count
|
|
2500
|
|
12
|
|
3500
|
|
2
|
|
4250
|
|
17
|
|
8500
|
|
2
|
|
9600
|
|
2
|
|
10000
|
|
2
|
|
Total
|
|
37
|
|
|
|
|
|
1 Includes
vessels securing debt prepaid on March 25, 2019, and for which
collateral release documentation is pending.
|
About Seaspan
Seaspan is a leading independent charter owner and operator
of containerships with industry leading ship management services.
We charter our vessels primarily pursuant to long-term, fixed-rate,
time charters to the world's largest container shipping liners.
Seaspan's operating fleet consists of 112 containerships with a
total capacity of more than 900,000 TEU, an average age of
approximately 6 years and an average remaining lease period of
approximately 4 years, on a TEU-weighted basis.
Seaspan has the following securities listed on The New York
Stock Exchange:
|
Symbol:
|
Description:
|
|
|
|
SSW
|
Class A Common
Shares
|
|
SSW PR D
|
Series D Preferred
Shares
|
|
SSW PR E
|
Series E Preferred
Shares
|
|
SSW PR G
|
Series G Preferred
Shares
|
|
SSW PR H
|
Series H Preferred
Shares
|
|
SSW PR I
|
Series I Preferred
Shares
|
|
SSWN
|
6.375% Senior
Unsecured Notes due 2019
|
|
SSWA
|
7.125% Senior
Unsecured Notes due 2027
|
|
SSW25
|
5.500% Senior Notes
due 2025
|
Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements (as
such term is defined in Section 21E of the Securities Exchange Act
of 1934, as amended) concerning future events and our operations,
performance and financial condition. Statements that are predictive
in nature, that depend upon or refer to future events or
conditions, or that include words such as "expects", "anticipates",
"intends", "plans", "believes", "estimates", "projects",
"forecasts", "will", "may", "potential", "should", and similar
expressions are forward looking statements. These forward-looking
statements reflect management's current views only as of the date
of this release and are not intended to give any assurance as to
future results. As a result, you are cautioned not to rely on any
forward-looking statements. Forward-looking statements appear in a
number of places in this release. Although these statements are
based upon assumptions we believe to be reasonable based upon
available information, they are subject to risks and uncertainties.
These risks and uncertainties include, but are not limited to:
failure to have security interest released from the aforementioned
assets; and other factors detailed from time to time in our
periodic reports and filings with the Securities and Exchange
Commission, including Seaspan's Annual Report on Form 20-F for the
year ended December 31, 2018. We
expressly disclaim any obligation to update or revise any of these
forward-looking statements, whether because of future events, new
information, a change in our views or expectations, or otherwise.
We make no prediction or statement about the performance of any of
our securities.
Investor Inquiries:
Mr. Matt Borys
Investor Relations
Seaspan Corporation
Tel. +1-778-328-5340
Email: mborys@seaspanltd.ca
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SOURCE Seaspan Corporation