May 26, 2022 | Local, Aerospace, Naval, Land, C4ISR, Security
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
On the same subject
-
-
March 15, 2019 | Local, Aerospace
RCAF may not need seven of the 25 used Australian F-18s, says defence procurement chief
DAVID PUGLIESE, OTTAWA CITIZEN The Defence department's procurement chief says the Royal Canadian Air Force might not need the seven used Australian F-18 aircraft being purchased for parts afterall. Canada is buying 25 used F-18s from Australia, with 18 of those to be flown and seven to be either stripped down for parts or used for testing. The aircraft to be flown will augment the existing RCAF CF-18 fleet until a new generation fighter jet can be purchased. But Pat Finn, the Department of National Defence's Assistant Deputy Minister for Materiel, said there may be no need for the seven F-18s. “The seven, whether or not we actually take them at this point, we're still looking at that,” Finn recently told the Commons defence committee. “What we're actually finding is the number of spares that they've been able to provide to us is more than adequate. Rather than take aircraft apart and go through that cost, we're taking the spares. We may not, in fact, at this point look at any of the seven.” It is unclear whether there will be a reduction in the cost of the purchase or the overall project cost if the seven airframes are not acquired. The DND also clarified what is happening with the engines on the Australian F-18s. Rumours have been circulating in the retired military community that the engines are being stripped out of the planes and given back to Australia. “Only the engines from the first two Australian F-18s (four engines total) are being returned to Australia, at their request,” explained DND spokesman Dan Le Bouthillier. “Australia needs those engines to meet their own operational requirements.” In order to take advantage of an advanced delivery date for the first two Australian aircraft, Canada agreed to return those aircraft's engines to Australia, but the plan is to get an equivalent number of engines back at a later date, he added. “Canada has sufficient engines in reserve to support this plan and this will have no impact on operations,” Le Bouthillier stated. “We therefore found this to be a reasonable request, and agreed to it.” https://ottawacitizen.com/news/national/defence-watch/rcaf-may-not-need-7-of-the-25-used-australian-f-18s-says-defence-procurement-chief
-
March 31, 2020 | Local, Aerospace, Naval, Land, C4ISR, Security
Webinaire : Coronavirus (COVID-19) : Défis et obligations légales
L'industrie aérospatiale vit une situation exceptionnelle qui nous invite à faire preuve de créativité dans nos modes de communication. Aéro Montréal se mobilise pour ses membres et continue sa série de webinaires. Retrouvez-nous le vendredi 3 avril, de 11 h à 12 h 00, pour un second webinaire en partenariat avec Norton Rose Fulbright sur le thème : Coronavirus (COVID-19) : Défis et obligations légales des entreprises en temps de pandémie. Animé par Éric Lallier, Associé chez Norton Rose Fulbright Canada, ce rendez-vous, spécifiquement conçu pour les chefs d'entreprise et leurs gestionnaires, vise à faire le point sur les obligations légales liées à l'emploi dans cette situation exceptionnelle : À l'agenda : Les obligations des employeurs relatives au droit du travail à la lumière des nouvelles mesures disponibles pour leur entreprise La gestion d'employés dans un contexte de réduction des opérations (Refus de travailler, congés protégés, mises à pied temporaires, cessations d'emploi) Une période de question ouvertes avec Éric Lallier. Veuillez noter que le nombre de places est limité et réservé aux membres d'Aéro Montréal. RÉSERVEZ VOTRE PLACE *Suivant votre inscription, un lien Web vous sera envoyé. https://www.eventbrite.ca/e/billets-webinaire-coronavirus-covid-19-defis-et-obligations-legales-101663183318