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Atlas Corp. (ATCO), a leading global asset management company, distinguishes itself as a top-tier owner and operator focused on disciplined capital allocation to foster sustainable shareholder value. With an experienced asset management team, Atlas targets long-term, risk-adjusted returns across high-quality infrastructure assets, particularly in the maritime and energy sectors.
The company's two main portfolio firms, Seaspan Corporation and APR Energy Limited, are industry leaders in their respective fields. Seaspan, a global leader in containership ownership and management, has recently signed a pivotal Conversion Commitment Agreement with Hapag-Lloyd and MAN Energy Solutions. This agreement aims to retrofit Seaspan's vessels with dual-fuel engines capable of operating on methanol, potentially decreasing CO2 emissions by 50,000-70,000 tonnes annually per vessel. This collaboration emphasizes Seaspan's commitment to environmental sustainability and operational excellence.
Recently, Atlas Corp. has completed the redemption of all outstanding shares of its Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares, Series I. This financial maneuver underscores the company's strong economic health and strategic capital management.
In another key development, Seaspan has partnered with Hyundai Glovis, a leading car carrier, to develop a new fleet of dual-fuel LNG Pure Car and Truck Carriers. These vessels are designed to be methanol and ammonia-ready, reinforcing Seaspan's leadership role in sustainable shipping solutions.
Atlas Corp.'s financial condition remains robust, supported by its extensive asset portfolio and strategic partnerships. The company's clear focus on innovation, sustainability, and efficient capital deployment positions it for continued growth and industry leadership. Investors and stakeholders can expect Atlas to maintain its trajectory of delivering substantial value while spearheading advancements in the global maritime and energy sectors.
On August 16, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced its intention to redeem $250 million of 5.50% senior notes due 2025 and $50 million of 5.50% senior notes due 2026 held by Fairfax Financial Holdings. This redemption, effective on August 23, 2021, will be at a price of $1,000 per note plus accrued interest. CFO Graham Talbot expressed appreciation for Fairfax's support, emphasizing the redemption as a step toward optimizing Atlas's capital structure and enhancing access to capital markets.
Atlas Corp. reported strong Q2 2021 financial results, achieving revenue growth of 8.3% to $393.9 million and Funds from Operations (FFO) growth of 20.0% to $193.5 million. Adjusted EBITDA increased by 14.1% to $272.5 million. The company raised its 2021 financial guidance based on confidence in its business model and operational execution. Total gross contracted cash flow reached $16.2 billion, reflecting robust future earnings potential. Despite a $56.1 million non-cash charge from debt extinguishment, adjusted diluted EPS rose 50% to $0.39.
On August 5, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced new five-year charter agreements for ten containerships, adding approximately 100,000 TEU to their fleet. This brings the total forward fixed vessels in 2021 to 58, generating an estimated $670 million in gross contracted cash flow. The company emphasizes its strategy of forward fixing to insulate against market volatility and enhance long-term cash flow, highlighting its position as a leader in the maritime industry.
Atlas Corp. (NYSE: ATCO) will release its financial results for Q2 2021 after market close on August 9, 2021. A conference call for shareholders is scheduled for August 10, 2021, at 8:30 a.m. ET to discuss these results. Investors can access the conference via toll-free numbers or listen through a live webcast on the company's investor relations page. A replay of the call will be available shortly after the event and will last until August 25, 2021.
For more information, visit atlascorporation.com.
Atlas Corp. (NYSE: ATCO) announced the appointment of Ms. Katie Wade as a non-executive director, effective September 1, 2021. Ms. Wade, currently the Chief Financial Officer at AEGIS London, brings 21 years of experience in financial markets and a strong background in driving financial performance. Chairman David Sokol emphasized her expertise will be valuable in contributing to Atlas's success. The company focuses on creating sustainable shareholder value through its portfolio companies in the maritime and energy sectors.
Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), has successfully closed a $750 million issuance of senior unsecured notes, an increase from the initial $500 million. These notes, maturing in 2029 with a 5.50% interest rate, will fund projects aligned with Seaspan's Blue Transition Bond Framework, aimed at enhancing sustainability in maritime operations. This milestone indicates growing investor confidence and positions Seaspan favorably in capital markets, supporting future growth and liquidity.
On July 9, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), priced a $750 million offering of 5.50% senior unsecured notes set to mature on August 1, 2029. This represents a $250 million increase from the initial offering. The net proceeds are estimated to be approximately $736 million, aimed at funding eligible projects under Seaspan's Blue Transition Bond Framework. The offering is limited to qualified institutional buyers and will not be guaranteed by Atlas or its subsidiaries.
Atlas Corp. (NYSE: ATCO) declared cash dividends for common and preferred shares on July 7, 2021. The common share dividend is $0.125 per share, covering the period from April 1 to June 30, 2021, with a record date of July 20 and a payment date of July 30. For preferred shares, dividends are: $0.496875 for Series D, $0.492188 for Series H, $0.50 for Series I, and $0.238194 for Series J, all payable on July 30, 2021. This marks the 64th consecutive dividend declared by Atlas and its predecessor. The company focuses on creating sustainable shareholder value in infrastructure assets.
On July 6, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), received a 'BB-' issuer credit rating from S&P Global Ratings, along with a 'BB-' rating for its proposed senior unsecured notes due 2029. The rating outlook is stable. S&P highlighted Seaspan's position as the world's leading containership charterer, emphasizing the stability provided by its high rate of contracted revenues. CFO Graham Talbot noted that these ratings reflect progress towards a more efficient capital structure and efforts to achieve an investment-grade rating.
On July 6, 2021, Seaspan Corporation, a subsidiary of Atlas Corp. (NYSE: ATCO), announced plans to offer $500 million in senior unsecured notes due 2029. The proceeds will finance various eligible projects outlined in the offering memorandum. The notes are senior unsecured obligations of Seaspan, set to pay interest semiannually and mature on August 1, 2029. They will be sold only to qualified institutional buyers under Rule 144A and may not be registered under the Securities Act. Seaspan's operational fleet currently comprises 131 vessels with a total capacity of approximately 1,120,200 TEU.
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