Seaspan Announces Summons for Bondholders' Meeting
Seaspan, a subsidiary of Atlas Corp., has called a bondholders' meeting on December 16, 2022, to discuss amendments to senior unsecured bonds maturing in April 2026. This follows Atlas's announcement on November 1, 2022, regarding its acquisition by Poseidon Acquisition Corp. DNB Markets is the financial advisor for Seaspan. As of September 30, 2022, Seaspan operates a fleet of 129 vessels and has 61 vessels under construction, aiming for a total capacity of 1,919,230 TEU.
- Seaspan's fleet includes 129 vessels with a total capacity of 1,180,230 TEU.
- An additional 61 vessels are under construction, increasing capacity to 1,919,230 TEU.
- The bondholders' meeting indicates potential changes to terms which may impact bondholder confidence.
- Acquisition by Poseidon Acquisition Corp. introduces uncertainties regarding the future operations of Seaspan.
LONDON, Dec. 1, 2022 /PRNewswire/ - Seaspan Corporation ("Seaspan" or the "Company") a wholly owned subsidiary of Atlas Corp. ("Atlas"), has today instructed Nordic Trustee to summon a bondholders' meeting for 16 December 2022 for the Company's senior unsecured bonds maturing in April 2026 (ISIN NO 0010981939). The purpose of the meeting is to consider a proposal for certain amendments to the bond terms (the "Amendment Proposal"). The summons for bondholders' meeting including details on the Amendment Proposal is attached together with this press release.
The background for the Amendment Proposal is the announcement by Atlas on 1 November 2022 that Atlas will be acquired by Poseidon Acquisition Corp. An investor presentation has been prepared for the Amendment Proposal and can be found on the Atlas website under Events & Presentations at https://ir.atlascorporation.com/events-and-presentations.
DNB Markets has been appointed as financial advisor to Seaspan.
Atlas is a leading global asset management company, differentiated by its position as a best-in class owner and operator with a focus on disciplined capital deployment to create sustainable shareholder value. We target long-term, risk-adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. For more information visit atlascorporation.com.
Seaspan is the largest global containership lessor, primarily focused on long-term, fixed-rate leases with the world's largest container shipping liners. As at September 30, 2022, Seaspan's operating fleet consisted of 129 vessels with a total capacity of 1,180,230 TEU, and an additional 61 vessels under construction, increasing total fleet capacity to 1,919,230 TEU, on a fully delivered basis. For more information, visit seaspancorp.com.
This statement and the materials referenced herein contain certain forward-looking statements concerning future events, including the transaction giving rise to the Amendment Proposal. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Seaspan believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in the general economic, political and market conditions in the markets in which Seaspan operates and changes in laws and regulations. Such risks, uncertainties, contingencies, and other important factors include, but are not limited to, the possibility that the transaction giving rise to the Amendment Proposal may not be completed and could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. Seaspan and its respective affiliates expressly disclaim any obligation or undertaking to update, review or revise any statement contained in this announcement whether because of new information, future developments or otherwise.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange notice was published by Peter Li, Associate General Counsel of Seaspan Corporation on 1 December 2022 at 11:00pm CET.
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SOURCE Atlas Corp.
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