Defence department reallocating $810M, in part to fund major equipment purchases | CBC News

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  January 16, 2019 | Local, Naval

  Seaspan Announces Closing of Second $500 Million Investment by Fairfax Financial Holdings Limited

  HONG KONG, Jan. 15, 2019 /CNW/ - Seaspan Corporation (NYSE: SSW) ("Seaspan") announced today the closing of the second tranche of the $1 billion aggregate investment commitment by Fairfax Financial Holdings Limited and its affiliates (collectively, "Fairfax") in Seaspan. As with Fairfax's initial $500 million investment in Seaspan, and pursuant to definitive agreements entered into on March 13, 2018 and announced on March 14, 2018, this second tranche of funding (the "Second Fairfax Investment") is structured as a $250 million issuance of (i) 5.50% senior notes due 2026 and (ii) approximately 38.46 million warrants (the "2019 Warrants"). Pursuant to a definitive agreement entered into and announced on May 31, 2018, Fairfax has agreed to immediately exercise the 2019 Warrants at an exercise price of $6.50per warrant, for additional equity proceeds to Seaspan of $250 million. As a result, Seaspan's aggregate proceeds from the Second Fairfax Investment will be $500 million. This brings Fairfax's total investment in Seaspan to $1 billion, the proceeds of which will be used to fund future growth initiatives, repay debt and for general corporate purposes. With the closing of the Second Fairfax Investment, Fairfax's aggregate shareholdings in Seaspan are 76.9 million Class A common shares or approximately 36% of shares outstanding. Fairfax continues to hold the 25 million seven year warrants, with an exercise price of $8.05, which were issued to it on July 16, 2018. Summary of Fairfax Investments1 Investment Date Issued/Exercised Proceeds to Seaspan 2025 Notes February 14, 2018 $250 million 2018 Warrants July 16, 2018 $250 million 2026 Notes January 15, 2019 $250 million 2019 Warrants January 15, 2019 $250 million 1 Does not include the 25 million seven year warrants outstanding as of the date hereof David Sokol, Chairman of Seaspan Corporation commented, "The closing of this follow-on Fairfax investment bolsters Seaspan's balance sheet for the future. Seaspan's management team and Board of Directors are proud to continue building upon the strong partnership created with Fairfax. This additional investment will enhance Seaspan's ability to execute on our long-term goals of deleveraging, strengthening our balance sheet, and creating value through disciplined and thoughtful capital allocation." Prem Watsa, Chairman and Chief Executive Officer of Fairfax said, "With the closing of this investment, we are excited to expand our partnership with Seaspan, which now represents one of Fairfax's largest investments." About Seaspan Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU, an average age of approximately 6 years and an average remaining lease period of approximately 4 years, on a TEU-weighted basis. Seaspan has the following securities listed on The New York Stock Exchange: Symbol: Description: SSW Class A common shares SSW PR D Series D preferred shares SSW PR E Series E preferred shares SSW PR G Series G preferred shares SSW PR H Series H preferred shares SSW PR I Series I preferred shares SSWN 6.375% senior unsecured notes due 2019 SSWA 7.125% senior unsecured notes due 2027 SSW25 5.500% senior notes due 2025 About Fairfax Financial Holdings Limited Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Investor Inquiries: Mr. Matt Borys Investor Relations Seaspan Corporation Tel. +1-778-328-5340 Email: mborys@seaspanltd.ca SOURCE Seaspan Corporation https://www.newswire.ca/news-releases/seaspan-announces-closing-of-second-500-million-investment-by-fairfax-financial-holdings-limited-848167000.html

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  October 27, 2022 | Local, Naval

  Taxpayers face $300 billion price tag for new navy warships, warns Parliamentary Budget Officer

  Parliamentary Budget Officer Yves Giroux flagged a couple more torpedoes related to the Royal Canadian Navy’s project to buy new warships.

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  March 16, 2020 | Local, Aerospace, Naval, Land, C4ISR, Security

  Canadian military bans international travel in response to COVID-19

  Routine operations and patrols within Canada will continue The Canadian military has banned all foreign travel and ordered non-essential personnel to stay home — part of its sweeping response to the global outbreak of COVID-19. A formal order — known as a CANFORGEN — was issued Friday after a preliminary warning order was issued to units across the country the day before. In an interview, the country's top military commander also said a handful of troops who recently returned from an overseas operation have voluntarily gone into self-isolation at the military airbase in Bagotville, Que., but they are not considered "presumptive cases." Chief of Defence Staff Gen. Jonathan Vance confirmed that only one member of the military — a naval reservist — is in hospital in Spain after being formally diagnosed with the illness. 'Miltary operations will continue' He said those returning from deployment and leave outside of Canada will be ordered to self-isolate. "We're trying, at this point in time, to pause all things, but necessary military operations will continue," Vance said. The new travel ban will mean that the few thousand troops now serving on deployments, exercises and exchange positions will not be allowed to leave the countries where they are operating. Reservists, who serve part-time, are being encouraged to abstain from personal travel outside of Canada. Bases will be closed to visitors, including foreign delegations. Military training schools will restrict new entrants and those already on course will be confined to base. "While at home, or on leave, in Canada, I'm asking members to adopt an approach that protects themselves and their family from the virus," Vance said. "I expect our command and control headquarters to continue operations, albeit at reduced levels, and some units will be able to stand down to essential administration and command functions only." 'Ships will still sail and planes will still fly' Routine operations and patrols within Canada will continue, as normal. "Ships will still sail and planes will still fly," said Lt.-Col. Dave Devenney, a spokesman for the defence chief. "Our job is to stay healthy, preserve the force and be prepared to fight." Dave Perry, a defence analyst at the Canadian Global Affairs Institute, said the orders are meant not only to halt the spread of the virus but to give the military flexibility to respond if the civilian health care system or vital infrastructure becomes overwhelmed. "The military is pre-positioning if they are called out to help the government in any significant way," he said. Troops could be deployed with transport and communications to help frontline health workers, such as the people doing virus screening. "People at the frontline of the pandemic could require a host of supports," Perry said. An order for federal government workers to stay home also could put a strain on some parts of the country's telecommunications grid. "The military has independent communications that can work around that securely," Perry added. The order follows on a series of measures the military has taken in response to the unfolding pandemic crisis. Travel to China was banned shortly after the novel coronavirus became a major issue in Asia. THE LATEST Coronavirus: Here's what's happening in Canada and around the world on March 13 Government warns against all international travel, limits inbound flights to stop spread of COVID-19 A week ago, Vance said the military had started "pre-pandemic planning" by issuing orders that gave base commanders the authority to cancel large public gatherings, restrict all non-essential travel and enforce higher standards of personal hygiene. At that time, Vance said federal officials, under a worst-case scenario, were prepared for an absentee rate among government workers of 25 per cent and that the military is looking at a similar number. He added that the best defence is to not get sick at all. The biggest issue the Department of National Defence has faced thus far has been the civilian travel restrictions, which have hampered the movement of personnel. It also has prevented the full resumption of the military training mission in Iraq, a senior commander told a parliamentary committee this week. There is concern for the forces operating in war zones like Iraq, where the health care system lies in ruins. As of Thursday, Iraq reported 74 confirmed cases of COVID-19 and eight fatalities. Approximately one-quarter of the country's cases are known to be in the northern Kurdistan region, where Canadian special forces troops have been conducting an advise-and-assist mission to help root out the remaining extremist holdouts after the fall of the Islamic State. The country's second-largest city, Mosul, was largely destroyed by the fighting. The Canadian measures differ from those being imposed by the Pentagon, which as of today is barring all troops, family members and defence civilian employees from traveling to afflicted countries, including Italy, South Korea, and China, for the next 60 days. https://www.cbc.ca/news/politics/military-travel-halted-covid-19-1.5496537