Seaspan Corporation announces pricing of 7,663,300 common shares

Seaspan Corporation announced the pricing of 7,663,300 common shares at a public offering price of $27.25 per share. This amount includes 7,000,000 common shares to be sold in an underwritten public offering and 663,300 shares to be sold directly to certain executive officers and directors of the Company, certain affiliates of the Company's manager and certain of their executive officers and Dennis Washington in a concurrent sale. In connection with the public offering, the underwriters have been granted an option to purchase up to 1,050,000 additional common shares to cover over-allotments, if any.

The net proceeds from the underwritten public offering, after underwriting discounts and offering expenses, to the Company will be $182,659,993. The net proceeds from the concurrent sale will be $18,074,925. The Company intends to use the net proceeds from the public offering and the concurrent sale for general corporate purposes, including repayment of indebtedness, capital expenditures, working capital and to make vessel acquisitions.

Merrill Lynch & Co., Citi and Goldman, Sachs & Co. acted as joint book-running managers of the public offering. Dahlman Rose & Company acted as manager.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This offering may be made only by means of a prospectus supplement and accompanying base prospectus.

Copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080, from Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 or from Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attention: Prospectus Department

Source: Transportweekly