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Seaspan Corp., 7.125% Senior Notes due 10/30/2027
Ticker Symbol: SESCF* CUSIP: 81254U403 Exchange: OTOTC
* NOTE: This security is no longer trading as of 7/14/2021
Security has been Called for: Wednesday, July 14, 2021
April 07, 2021 -- Atlas Corp. are offering to exchange, (the “Exchange Offer”) up to $80,000,000 in aggregate principal amount of new 7.125% Notes due 2027 (the “ATCO Notes”), which have been registered under the Securities Act of 1933, as amended (the “Securities Act”), for any and all of the outstanding 7.125% Notes due 2027 (the “Seaspan Notes”) of our wholly owned subsidiary Seaspan Corporation (“Seaspan”). The Exchange Offer expires at 5:00 p.m., New York City time, on May 5, 2021 unless extended. September 10, 2020 -- Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. (“Atlas”) (NYSE:ATCO), today announced that it will not pursue the previously proposed voluntary redemption of its outstanding 7.125% senior unsecured notes due 2027 (the “Notes”). This decision aligns with Atlas and Seaspan’s prudent focus on maintaining a strong financial position during a period of uncertainty for the global capital markets. Seaspan may evaluate early redemption of the Notes at a later point in time. January 29. 2020 -- On November 20, 2019, Seaspan Corporation (“Seaspan”) entered into an Agreement and Plan of Merger, as amended (the “Merger Agreement”), with Atlas Corp., a wholly owned subsidiary of Seaspan (“Atlas”), and Seaspan Holdco V Ltd., a wholly owned subsidiary of Atlas (“Merger Sub”), pursuant to which Seaspan will implement the holding company reorganization. If the holding company reorganization is completed, Merger Sub will merge with and into Seaspan (the “Merger”), and Seaspan will continue its corporate existence as the surviving corporation and will become a direct wholly owned subsidiary of Atlas. As a result, each outstanding (i) Class A common share of Seaspan (“Seaspan common share”), (ii) 7.95% Cumulative Redeemable Perpetual Preferred Share – Series D of Seaspan (“Seaspan Series D Preferred Share”), (iii) 8.25% Cumulative Redeemable Perpetual Preferred Share – Series E of Seaspan (“Seaspan Series E Preferred Share”), (iv) 8.20% Cumulative Redeemable Perpetual Preferred Share – Series G of Seaspan (“Seaspan Series G Preferred Share”), (v) 7.875% Cumulative Redeemable Perpetual Preferred Share – Series H of Seaspan (“Seaspan Series H Preferred Share”), and (vi) Fixed-To-Floating Cumulative Redeemable Perpetual Preferred Share – Series I of Seaspan (“Seaspan Series I Preferred Share” and together with Seaspan Series D Preferred Share, Seaspan Series E Preferred Share, Seaspan Series G Preferred Share, and Seaspan Series H Preferred Share, “Seaspan preferred share”) will be canceled. Atlas will issue, in respect of each canceled Seaspan common share, one common share of Atlas (“Atlas common share”) to the holder of such canceled Seaspan common share. In addition, Atlas will issue, in respect of each canceled (i) Seaspan Series D Preferred Share, one 7.95% Cumulative Redeemable Perpetual Preferred Share – Series D of Atlas (“Atlas Series D Preferred Share”), (ii) Seaspan Series E Preferred Share, one 8.25% Cumulative Redeemable Perpetual Preferred Share – Series E of Atlas (“Atlas Series E Preferred Share”), (iii) Seaspan Series G Preferred Share, one 8.20% Cumulative Redeemable Perpetual Preferred Share – Series G of Atlas (“Atlas Series G Preferred Share”), (iv) Seaspan Series H Preferred Share, one 7.875% Cumulative Redeemable Perpetual Preferred Share – Series H of Atlas (“Atlas Series H Preferred Share”), and (v) Seaspan Series I Preferred Share, one Fixed-To-Floating Cumulative Redeemable Perpetual Preferred Share – Series I of Atlas (“Atlas Series I Preferred Share” and together with Atlas Series D Preferred Share, Atlas Series E Preferred Share, Atlas Series G Preferred Share, and Atlas Series H Preferred Share, “Atlas preferred share”) to the holder of such canceled Seaspan Series D Preferred Share, Seaspan Series E Preferred Share, Seaspan Series G Preferred Share, Seaspan Series H Preferred Share and Seaspan Series I Preferred Share, respectively.
Seaspan common shares and Seaspan preferred shares are listed on the New York Stock Exchange (the “NYSE”) under the symbols “SSW,” “SSW-D,” “SSW-E,” “SSW-G,” “SSW-H,” and “SSW-I,” respectively. Seaspan’s 7.125% Senior Notes due 2027, 5.500% Senior Notes due 2025 and the related guarantees , and 5.500% Senior Notes due 2026 and the related guarantees and together with 2027 Notes and 2025 Notes, are also listed on the NYSE under the symbols “SSWA,” “SSW25,” and “SSW26,” respectively. If the holding company reorganization is completed, Seaspan common shares, Seaspan preferred shares and the Notes will no longer be listed on the NYSE and will be deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Atlas will apply for the listing of Atlas common shares and Atlas preferred shares to be issued in connection with the holding company reorganization on the NYSE under the symbols “ATCO,” “ATCO-D,” “ATCO-E,” “ATCO-G,” “ATCO-H,” and “ATCO-I,” respectively. Atlas intends to apply to the Irish Stock Exchange plc, trading as Euronext Dublin, for 2025 Notes and 2026 Notes to be admitted to its official list and to trading on the Global Exchange Market. Jan. 17, 2020 -- Seaspan Corporation (NYSE:SSW) announced today, in connection with its previously announced holding company reorganization (the "Proposed Reorganization"), that it intends to delist its outstanding 7.125% senior unsecured notes due 2027 (the "Notes") from the New York Stock Exchange (the "NYSE") and to deregister the Notes under the Exchange Act of 1934, as amended. Delisting and deregistration of the Notes is expected to occur on or about the effective date of the Proposed Reorganization. Seaspan has not, and does not intend to, arrange for listing and/or registration of the Notes on another national securities exchange or for quotation on another quotation medium.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Seaspan Corp., 7.125% Senior Notes due 10/2027, issued in $25 denominations, redeemable at the issuer's option on or after 10/10/2020 at $25 per note plus accrued and unpaid interest, and maturing 10/30/2027. Interest distributions of 7.125% per annum ($1.78125 per annum or $0.4453125 per quarter) will be paid quarterly on 1/30, 4/30, 7/30 & 10/30 to holders of record on the record date that will be 1/15, 4/15, 7/15 & 10/15 respectively (NOTE: the ex-dividend date is one business day prior to the record date). Upon the occurrence of specific kinds of changes of control, the holders of the Notes will have the right to cause the issuer to repurchase some or all of your Notes at 101% of their face amount, plus accrued and unpaid interest. Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. This security was not rated by Moody’s or S&P at the time of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (ATCO*)
IPO - 10/2/2017 - 3.20 Million Notes @ $25.00 /note.
Link to IPO Prospectus
Previous Ticker Symbol: SSWA Changed: 11/20/2019
Market Value $80.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Foreign Address and Phone Numbers |
Address: 23 Berkeley Square, London, United Kingdom W1J 6HE |
Main Phone Number |
+44 20 7788 7819 |
Fax Number |
+44 843 320 5270 |
Address and Phone Numbers |
U.S. Representative |
N.A. |
Address: |
Main Phone Number |
Not Available |
Fax Number |
Not Available |
Investor Relations
Robert Weiner
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904-345-4939
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Toll Free Phone Number |
Unknown |
CEO - Bing Chen |
CFO - Graham Talbot |
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