Atlas Corp. operates as a global asset management company focused on long-term, risk-adjusted returns from infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Recurring Atlas news centers on preferred-share capital actions, including quarterly cash dividend declarations on preferred series and completed redemptions of preferred securities. Company updates also describe maritime asset activity, including vessel programs and long-term charter arrangements in transportation infrastructure.
Atlas Corp. (NYSE: ATCO) announced a private offering by its subsidiary, Seaspan Corporation, of $175 million in exchangeable senior notes due 2025. The offering is intended for qualified institutional buyers, subject to market conditions. An additional $26.25 million may be offered if initial purchasers exercise their option. The notes will be senior unsecured obligations, and proceeds will be used for capped call transactions and general corporate needs, including acquisitions and debt repayment. Importantly, the notes are not guaranteed by Atlas or its subsidiaries.
Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced the construction of five 12,200 TEU containerships. These vessels will be chartered long-term to a prominent global liner, generating approximately $910 million in contracted cash flow. The project will be financed through borrowings and cash. CEO Bing Chen emphasized the strategic importance of this initiative for securing customer needs and enhancing revenue. Seaspan operates a fleet of 127 ships with a total capacity of 1,073,000 TEU and an existing contracted revenue of $4.1 billion.
Atlas Corp. reported a remarkable 36.6% revenue growth to $386.2 million for Q3 2020 compared to the same period in 2019. The company's funds from operations (FFO) surged 96.0% to $173.5 million, with FFO per diluted share increasing 70.0% to $0.68. Adjusted EBITDA also rose 38.8% to $249.8 million. Seaspan Corporation secured the delivery of four high-quality vessels and closed a $200 million sustainability-linked loan. The company's liquidity stands at $427.6 million, indicating a robust financial position.
On November 3, 2020, Seaspan Corporation, a subsidiary of Atlas Corp (NYSE: ATCO), announced the delivery of two 12,000 TEU containerships, which have begun long-term charters with major global liners. These vessels were financed through borrowing and cash reserves, anticipated to generate an additional $165 million in long-term contracted revenue and contribute $20 million to annualized Adjusted EBITDA for 2020. Seaspan's fleet stands at 127 vessels, with total contracted revenue of approximately $4.4 billion and a weighted average lease period of four years.
Atlas Corp. (NYSE: ATCO) will release its financial results for Q3 2020 on November 9, 2020, after market close. A conference call is scheduled for November 10, 2020, at 8:30 a.m. ET to discuss these results, accessible via toll-free and international numbers. A replay will be available until November 25, 2020. Atlas focuses on sustainable shareholder value through its asset management in maritime and energy sectors, using its portfolio companies, Seaspan and APR, to achieve long-term returns.
Atlas Corp. (NYSE: ATCO) has declared quarterly cash dividends for its common and preferred shares. The common share dividend is set at $0.125, with a record date of October 20, 2020 and a payment date of October 30, 2020. Preferred shares will also receive dividends, including $0.496875 for Series D, $0.515625 for Series E, $0.5125 for Series G, $0.492188 for Series H, and $0.50 for Series I, all payable on the same dates. This announcement reflects the company's commitment to delivering shareholder value.
On September 30, 2020, Seaspan Corporation, a subsidiary of Atlas Corp (NYSE: ATCO), announced the acquisition of two high-quality 12,000 TEU containerships for approximately $176 million. The deal, financed through cash and additional borrowings, is expected to enhance Atlas’s funds from operations per diluted share, increase long-term contracted revenue by over $165 million, and contribute about $20 million of annualized Adjusted EBITDA in 2020. The vessels are set for delivery in October and will operate under long-term charters with leading global liners.
Atlas Corp. (NYSE: ATCO) announced the resignation of CFO Ryan Courson, effective September 30, 2020, as he pursues opportunities outside the maritime and energy sectors. His departure is not related to the company's operations or financial matters. Bing Chen, the company's President and CEO, will serve as Interim CFO until a permanent replacement is found. Despite this leadership change, Atlas maintains its financial guidance for the full year 2020. The company focuses on sustainable shareholder value through its investments in maritime and energy infrastructure.
Sunlands Technology Group (NYSE: STG) reported second quarter 2020 results with net revenues of RMB512.5 million (US$72.5 million), a 7.3% decline year-over-year. Despite a net loss of RMB126.1 million (US$17.9 million), the company's gross billings increased by 21.3% to RMB531.5 million (US$75.2 million), marking the first growth in five quarters. New student enrollments rose 10.2% year-over-year to 82,597, driven by master's degree programs which saw a 58.7% increase in gross billings. The company aims to diversify course offerings and enhance operational efficiency.
On September 10, 2020, Seaspan Corporation, a subsidiary of Atlas Corp (NYSE: ATCO), announced it will not proceed with the voluntary redemption of its 7.125% senior unsecured notes maturing in 2027. This decision reflects a strategy to maintain financial stability amid global capital market uncertainties. The company may reconsider the early redemption in the future. Seaspan operates a fleet of 125 containerships, primarily chartered through long-term contracts, emphasizing its commitment to sustainable shareholder value.