Asia/Pacific News
Seaspan Public Offering for Possible Vessel Purchases
Hong Kong-based ship leasing company Seaspan Corporation (Seaspan) [NYSE:SSW] says it has priced a $50 million public stock offering, which may help fund vessel acquisitions, at $25 per share.
Underwriters of the offering will have a 30-day option to buy up to $7.5 million in additional shares under the same terms and conditions.
The company said the proceeds from the offering will go to general corporate purposes, which may include ship acquisitions.
The book-running managers for the offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, and Incapital LLC.
Over the third quarter of the year, Seaspan entered into deals for 15 newbuildings and said the fuel-efficient SAVER design it has been using for the new ships has helped it work in partnership with a number of major carriers.
