Marks Inaugural Entry into US Unsecured
Market
LONDON, July 14, 2021 /CNW/ - Seaspan Corporation
("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas")
(NYSE: ATCO), today announced that it has successfully closed its
previously announced issuance of $750
million in senior unsecured notes (the "Notes"),
upsized from the original offering size of $500 million. The Notes will mature in 2029 and
will accrue interest payable semiannually at a rate of 5.50% per
year. Seaspan intends to allocate the net proceeds of the offering
to acquire, finance or refinance, in whole or in part, certain new
and/or existing eligible projects consistent with Seaspan's Blue
Transition Bond Framework. The transaction furthers Seaspan's
sustainability efforts, advances Seaspan's sustainability-linked
capital structure, and adds liquidity to support additional growth
opportunities.
Bing Chen, Chairman, President and CEO of Seaspan, commented,
"This transaction, highlighted by the 50% upsizing of the offering,
demonstrates the growing confidence of institutional investors and
rating agencies. Our achievements and prospects further accelerate
us as the industry leader with solid financial strength,
disciplined capital allocation, consistent operational excellence,
creative customer partnerships and quality growth. I am proud of
our team's hard work and focus on delivering sustainable value
creation for customers and investors."
Graham Talbot, CFO of Seaspan,
commented, "Closing of this offering marks another major milestone
in the evolution of Seaspan's capital structure and reflects
Seaspan's growing access to the global capital markets. In the last
twelve months, we have issued inaugural unsecured credit offerings
in three different markets, making significant progress on our
communicated path to investment grade. Our financial strength has
allowed Seaspan to take advantage of significant recent growth
opportunities and deliver dependable and consistent returns to our
credit and equity investors, while maintaining a prudent balance
sheet."
The Notes are being issued in connection with Seaspan's Blue
Transition Bond Framework, which is designed to align with the
guidelines presented by the International Capital Market
Association's Green Bond Principles 2021 ("GBP") and is informed by
Climate Transition Finance Handbook 2020 ("CTFH"). The GBP are
voluntary process guidelines for best practices in financial
instruments that enable capital-raising and investment for new and
existing projects with intended environmental benefits. The CTFH
acts as additional guidance for issuers raising funds for
transition-related purposes.
Through the issuance of Blue Transition Bonds, Seaspan intends
to showcase its efforts to improve the environmental performance of
its fleet and contribute to the path towards decarbonization of its
industry.
About Atlas
Atlas is a leading global
asset management company, differentiated by its position as a
best-in-class owner and operator with a focus on deploying capital
to create sustainable shareholder value. Atlas brings together an
experienced asset management team with deep operational and capital
allocation experience. We target long-term, risk adjusted returns
across high-quality infrastructure assets in the maritime sector,
energy sector and other infrastructure verticals. Our two portfolio
companies, Seaspan Corporation and APR Energy Ltd. are unique,
industry-leading operating platforms in the global maritime and
energy spaces, respectively. More information about Atlas can be
found at www.atlascorporation.com.
About Seaspan
Seaspan is a leading
independent owner and operator of containerships. We charter our
vessels primarily pursuant to long-term, fixed-rate time charters
to the world's largest container shipping liners. At March 31, 2021, Seaspan's fleet consisted of 127
containerships representing total capacity of approximately
1,073,200 TEU. With the delivery of four second-hand vessels
subsequently announced, Seaspan's operational fleet consists of 131
vessels with a total capacity of 1,120,200 TEU. We also have 55
vessels under construction, increasing total capacity to 1,854,200
TEU, on a fully delivered basis. More information about Seaspan can
be found at www.seaspancorp.com.
Cautionary Note Regarding Forward-Looking Statements
This
release contains certain forward-looking statements (as such term
is defined in Section 21E of the Securities Exchange Act of 1934,
as amended) concerning future events. Statements that are
predictive in nature, that depend upon or refer to future events or
conditions, or that include words such as "expects", "anticipates",
"intends", "plans", "believes", "estimates", "projects",
"forecasts", "will", "may", "potential", "should", and similar
expressions are forward-looking statements. These forward-looking
statements, including those relating to the offering, use of
proceeds therefrom, Seaspan's outlook and Seaspan's sustainability
efforts, reflect management's current expectations only as of the
date of this release. As a result, you are cautioned not to rely on
any forward-looking statements. Although these statements are based
upon assumptions that we believe to be reasonable based upon
available information, they are subject to risks and uncertainties.
These risks and uncertainties include, but are not limited to the
factors detailed from time to time in our periodic reports and
filings with the SEC, including Atlas's Annual Report on Form 20-F
for the year ended December 31, 2020,
filed with the SEC on March 19, 2021,
and the offering memorandum. We expressly disclaim any obligation
to update or revise any of these forward-looking statements,
whether because of future events, new information, a change in our
views or expectations, or otherwise. We make no prediction or
statement about the performance of any of our securities.
The Notes are being offered and sold only to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and outside the United
States to non-U.S. persons pursuant to Regulation S under
the Securities Act. The Notes have not been registered under the
Securities Act or any state securities laws, and unless so
registered, may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any of the
Notes, nor shall there be any offer or sale of the Notes in any
state, or jurisdiction in which such offer, solicitation, or sale
would be unlawful.
Information on any website referenced is not part of this
release.
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SOURCE Atlas Corp.