HONG KONG, CHINA, Oct. 1, 2009 (Marketwire) -- Seaspan Corporation (NYSE:SSW) (the "Company") announced today the closing of the second and final tranche of $100 million aggregate amount of 12% Cumulative Preferred Shares-Series A, par value $0.01 per share (the "Preferred Shares"), pursuant to a preferred stock purchase agreement dated January 22, 2009 (the "Purchase Agreement") among the Company, Dennis R. Washington, Kevin L. Washington, Kyle R. Washington, who is the Company's chairman, and Graham Porter, through Deep Water Holdings, LLC, CopperLion Capital (KLW) I Limited Partnership, CopperLion Capital (KRW) I Limited Partnership and Tiger Container Shipping Co. Ltd., respectively (collectively, the "Investors"). Under the terms of the Purchase Agreement, the Preferred Shares were to be issued in two equal tranches of $100 million. The first tranche closed on January 30, 2009. At today's closing, the Company issued and sold 100,000 Preferred Shares to the Investors.
Gerry Wang, Chief Executive Officer of Seaspan, commented, "We appreciate the strong support our sponsors continue to demonstrate for the Company and its strategy. With the closing of the $200 million preferred issuance, we have further improved Seaspan's capital structure and strengthened its financial flexibility. Importantly, cash retained from operations combined with secured committed financing provide for nearly all of the capital needed to finance our contracted fleet growth."
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Seaspan
Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 41 containerships in operation and 27 containerships to be delivered over approximately the next three years. Seaspan's operating fleet of 41 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 27 vessels to be delivered to Seaspan are already committed to long-term time charters averaging approximately 11 years in duration from delivery. Seaspan's customer base consists of seven of the world's largest, publicly traded liner companies, including China Shipping Container Lines, A.P. Moller-Maersk, Mitsui O.S.K.
