Atlas Corp. Announces Approval for Listing on the Nasdaq Global Market of its 7.125% Senior Unsecured Notes due 2027

Rhea-AI Summary

Atlas Corp. (NYSE: ATCO) announced the approval for listing its 7.125% Senior Unsecured Notes due 2027 on the Nasdaq Global Market, under the trading symbol ATCOL. On May 17, 2021, Atlas completed an exchange offer for up to $80,000,000 of these notes, matching the same amount of outstanding Seaspan Corporation's notes. Atlas focuses on creating sustainable shareholder value through its asset management strategy, primarily in the maritime and energy sectors, featuring its subsidiaries, Seaspan Corporation and APR Energy Ltd.

Positive

• Listing of 7.125% Senior Unsecured Notes on Nasdaq could enhance liquidity.
• Successful exchange offer completed for $80,000,000 of notes, indicating strong demand.

Negative

• None.

LONDON, May 28, 2021 /PRNewswire/ - Atlas Corp. ("Atlas") (NYSE: ATCO), today announced approval for listing on the Nasdaq Global Market of its 7.125% Senior Unsecured Notes due 2027 ("the Atlas Notes"). The trading symbol of the Atlas Notes is "ATCOL" and the CUSIP Number is 04926V 203. As previously announced, on May 17, 2021, Atlas completed its offer to exchange up to $80,000,000 aggregate principal amount of the Atlas Notes for any and all outstanding $80,000,000 aggregate principal amount of 7.125% Notes due 2027 of its subsidiary, Seaspan Corporation (the "Seaspan Notes").

About Atlas

Atlas is a leading global asset management company, differentiated by its position as a best-in-class owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas brings together an experienced asset management team with deep operational and capital allocation experience. We target long-term, risk adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Our two portfolio companies, Seaspan Corporation and APR Energy Ltd. are unique, industry-leading operating platforms in the global maritime and energy spaces, respectively.

About Seaspan

Seaspan is a leading independent owner and operator of containerships. We charter our vessels primarily pursuant to long-term, fixed-rate time charters to the world's largest container shipping liners. At March 31, 2021, Seaspan's fleet consisted of 127 containerships representing total capacity of approximately 1,073,200 TEU. On May 19, 2021, we announced the delivery of two second-hand vessels. We also have 37 vessels under construction and have agreed to purchase two additional second-hand vessels, increasing total capacity to 1,670,200 TEU, on a fully delivered basis.

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SOURCE Atlas Corp.

FAQ

What are the details of Atlas Corp.'s new notes listing?

Atlas Corp. announced the listing of its 7.125% Senior Unsecured Notes due 2027 on the Nasdaq Global Market under the symbol ATCOL.

When was the exchange offer for the Atlas Notes completed?

The exchange offer for up to $80,000,000 of Atlas Notes was completed on May 17, 2021.

What is the significance of the Atlas Corp. note listing?

The approval of the note listing could improve liquidity and attract more investors to Atlas Corp.

What is the total capacity of Seaspan's fleet as of March 31, 2021?

As of March 31, 2021, Seaspan's fleet consisted of 127 containerships with a total capacity of approximately 1,073,200 TEU.