Seaspan Corporation
NYSE : SSW

Seaspan Corporation

June 03, 2016 14:10 ET

Seaspan Announces Redemption of Remaining Series C Preferred Shares

HONG KONG, CHINA--(Marketwired - June 3, 2016) - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today that it will exercise its right to redeem 4,321,774 shares of its 9.50% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred Shares") on June 20, 2016 (the "Redemption Date"). The Series C Preferred Shares will be redeemed at the cash redemption price of $25.00 per share, plus an amount equal to all accumulated and unpaid dividends for the period from and including April 30, 2016 to, but excluding, the Redemption Date. The 4,321,774 Series C Preferred Shares to be redeemed are in addition to the previously announced redemptions of 5,600,000 Series C Preferred Shares to occur on June 7, 2016 and 3,400,000 Series C Preferred Shares to occur on June 13, 2016. Altogether, these redemptions totalling 13,321,774 shares represent all of the issued and outstanding Series C Preferred Shares.

Dividends on the Series C Preferred Shares to be redeemed will cease to accrue on the Redemption Date. Upon redemption, the redeemed Series C Preferred Shares will no longer be outstanding, and all rights of the holders of such shares will terminate, except the right of the holders to receive the cash payable upon such redemption, without interest.

About Seaspan

Seaspan provides many of the world's major shipping lines with creative outsourcing alternatives to vessel ownership by offering long-term leases on large, modern containerships combined with industry leading ship management services. Seaspan's managed fleet consists of 118 containerships representing a total capacity of over 935,000 TEU, including 14 newbuilding containerships on order scheduled for delivery to Seaspan and third parties by the end of 2017. Seaspan's current operating fleet of 89 vessels has an average age of approximately six years and average remaining lease period of approximately six 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 C Series C preferred shares
SSW PR D Series D preferred shares
SSW PR E Series E preferred shares
SSWN 6.375% senior unsecured notes due 2019

Forward-Looking Statements

The statements in this press release that are not historical facts may be forward-looking statements, including statements about Seaspan's redemption of Series C Preferred Shares. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, among others, those risks and uncertainties discussed in Seaspan's public filings with the U.S. Securities and Exchange Commission. Seaspan undertakes no obligation to revise or update any forward-looking statements unless required to do so under the securities laws.

Contact Information

  • Seaspan Corporation - Investor Relations Inquiries:
    Mr. David Spivak
    Chief Financial Officer
    604-638-2580

    Seaspan Corporation
    Mr. Michael Sieffert
    Associate Director, Corporate Finance
    778-328-6490

    The IGB Group - Media Inquiries:
    Mr. Leon Berman
    212-477-8438