HONG KONG, March 29, 2019 /CNW/ - Seaspan Corporation
("Seaspan") (NYSE:SSW) today announced that it has executed an
investment agreement with Swiber Holdings Limited ("Swiber", and
together with its subsidiaries, the "Swiber Group"), having made
progress in the previously announced investment process. The
closing of the investment agreement and each of the two potential
investment tranches noted previously is conditional on the
satisfaction of certain conditions precedent. The two
investment tranches have been revised as follows, i) US$10 million (previously US$20 million) upon closing in exchange for an
80% equity interest in a newly incorporated holding company into
which certain assets of the existing Swiber Group will be
transferred (the "New Swiber Investment"), and ii) a potential
US$190 million (previously
US$180 million) to be invested in a
development stage LNG-to-power project in Vietnam (the "Project"), contingent on the
Project achieving several milestones, in exchange for a preferred
equity interest in the Project (the "Project Investment").
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:
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Description:
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SSW
SSW PR D
SSW PR E
SSW PR G
SSW PR H
SSW PR I
SSWN
SSWA
SSW25
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Class A Common
Shares
Series D Preferred Shares
Series E Preferred Shares
Series G Preferred Shares
Series H Preferred Shares
Series I Preferred Shares
6.375% Senior Unsecured Notes due 2019
7.125% Senior Unsecured Notes due 2027
5.500% Senior Notes due 2025
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Cautionary Note Regarding Forward-Looking Statements
For the avoidance of doubt, nothing in the investment agreement
(or this announcement) would result in Seaspan making, or
constitute a firm intention by Seaspan to make, an offer for the
shares of Swiber or any of the existing Swiber Group under Rule 3.5
of the Singapore Code on Take Overs and Mergers. In addition,
there is no certainty or assurance that the conditions precedent
for the proposed transaction as a whole, or those to the closing of
the New Swiber Investment or those to the Project Investment can be
fulfilled, or that the terms and conditions of the Project
Investment will not differ from those envisaged in the executed
investment agreement, or that the proposed transaction will
necessarily complete in the manner envisaged in the executed
investment agreement.
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, including, in particular,
statements about our investment in the Swiber Group and the
likelihood of our success in developing and expanding our business.
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,
among others, those 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