HONG KONG, Jan. 17, 2018 /PRNewswire/ - Seaspan Corporation
(NYSE: SSW) ("Seaspan" or the "Company") announced today that
Fairfax Financial Holdings Limited, through certain subsidiaries
(collectively, "Fairfax"), has entered into definitive agreements
for the previously announced US$250 million investment in
Seaspan 5.5% interest bearing unsecured debentures (the
"Debentures") and Class A Common Share purchase warrants (the
"Warrants"). The transaction is expected to close before
March 1st, and Seaspan
intends to use the proceeds from the investment to fund future
growth initiatives, debt repayment and for general corporate
purposes.
![Seaspan Enters Into Definitive Agreements for $250 Million Unsecured 5.50% Debenture and Warrant Investment with Fairfax Financial Holdings Limited (CNW Group/Seaspan Corporation) Seaspan Enters Into Definitive Agreements for $250 Million Unsecured 5.50% Debenture and Warrant Investment with Fairfax Financial Holdings Limited (CNW Group/Seaspan Corporation)](https://prnewswire2-a.akamaihd.net/p/1893751/sp/189375100/thumbnail/entry_id/1_7dekvqgs/def_height/144/def_width/144/)
David Sokol, Chairman of Seaspan
Corporation, commented, "I am very pleased to announce the
finalization of our agreements with Fairfax, and look forward to
beginning our partnership at such an exciting time for the company.
Under Bing's leadership, Seaspan will continue to grow and optimize
the franchise in order to benefit our investors, customers,
employees, and other key stakeholders."
"We are excited about our investment and partnership with
Seaspan." said Prem Watsa, Chairman
and Chief Executive Officer of Fairfax. "I have known both
David Sokol and Dennis Washington for many years through the
Horatio Alger Association. David has one of the most outstanding
records I have come across, as he built Mid American Energy from
revenue of $116 million in 1991 to
revenue of $11 billion in 2010, while
net income increased from $27 million
to $1.2 billion over the same period,
representing a compound growth rate of 22.4% per year. David is a
man of the highest integrity and we are proud to partner with him.
Dennis, of course, is one of North
America's most successful entrepreneurs and a wonderful
human being."
Bing Chen, Chief Executive Officer of Seaspan, commented "The
Fairfax investment is a significant milestone that will better
focus our efforts on leveraging our industry leading position to
take advantage of accretive growth opportunities going forward. We
welcome the insights that Fairfax will bring to our board, while
our extraordinary Seaspan team continues to provide the best
solutions to our customers around the
world."
Dennis R. Washington, whose
family is Seaspan's largest shareholder, commented, "The
support from an organization with the quality of Fairfax and track
record of Prem Watsa validates the
investment merits of Seaspan. Fairfax aligns with our
long-term vision for Seaspan and we look forward to a very long
relationship with them."
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This press release is
not an offer of securities for sale in the United States, and the securities may not
be offered or sold in the United
States absent registration or an exemption from the
registration requirements. The securities have not been registered
under the United States Securities Act of 1933, as amended.
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 110 containerships
representing a total capacity of approximately 900,000 TEU,
including 4 newbuilding containerships on order scheduled for
delivery to Seaspan and third parties by the end of
2018. Seaspan's current operating fleet of 90 vessels
has an average age of approximately six years and average remaining
lease period of approximately five years, on a TEU weighted
basis.
About Fairfax Financial Holdings Limited
Fairfax Financial Holdings Limited is a holding company which,
through its subsidiaries, is engaged in property and casualty
insurance and reinsurance and investment management. Fairfax's
corporate objective is to achieve a high rate of return on invested
capital and build long-term shareholder value. Fairfax seeks to
differentiate itself by combining disciplined underwriting with the
investment of its assets on a total return basis, which Fairfax
believes provides above-average returns over the long-term.
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
|
SSWN
|
6.375% senior
unsecured notes due 2019
|
SSWA
|
7.125% senior
unsecured notes due 2027
|
For Investor Relations Inquiries:
Mr. David
Spivak
Chief Financial Officer
Seaspan Corporation
Tel. 604-638-2580
Mr. Michael
Sieffert
Director, Corporate Finance
Seaspan Corporation
Tel. 778-328-6490
For Seaspan Media Inquiries:
Mr. Leon
Berman
The IGB Group
Tel. 212-477-8438
SOURCE Seaspan Corporation