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Seaspan Corp | 9.50% Series C Cumulative Redeemable Perpetual (SSW.PRC)

Prospectus exerpt:  We are offering 10,000,000 of our 9.50% Cumulative Redeemable Perpetual Series C Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the “Series C Preferred Shares”).

Dividends on the Series C Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing April 30, 2011, when, as and if declared by our board of directors. Dividends will be payable out of amounts legally available therefor at an initial rate equal to 9.50% per annum of the stated liquidation preference, subject to adjustment as described in this prospectus supplement.

At any time on or after January 30, 2016, the Series C Preferred Shares may be redeemed, in whole or in part, out of amounts legally available therefor, at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. If (i) we fail to comply with certain covenants (a “Covenant Default”), (ii) we experience certain defaults under any of our credit facilities (a “Cross Default”), (iii) four quarterly dividends payable on the Series C Preferred Shares are in arrears (a “Dividend Payment Default”) or (iv) the Series C Preferred Shares are not redeemed in whole by January 30, 2017 (a “Failure to Redeem”), the dividend rate payable on the Series C Preferred Shares shall increase, subject to aggregate maximum rate per annum of 25% prior to January 30, 2016 and 30% thereafter, to a rate that is 1.25 times the dividend rate payable on the Series C Preferred Shares as of the close of business on the day immediately preceding the Covenant Default, Cross Default, Divided Payment Default or Failure to Redeem, as applicable, and on each subsequent Dividend Payment Date, the dividend rate payable shall increase to a rate that is 1.25 times the dividend rate payable on the Series C Preferred Shares as in effect as of the close of business on the day immediately preceding such Dividend Payment Date, until the Covenant Default, Cross Default or Dividend Payment Default is cured or the Series C Preferred Shares are no longer outstanding. Please read “Description of Series C Preferred Shares—Dividends—Dividend Payment Dates—Increase in Base Dividend Rate Following a Covenant Default, Cross Default, Dividend Payment Default or Failure to Redeem.”

Full Prospectus PDF », SSW Page »

Series:C
Redeemable?:Yes
Call Date:1/30/2016
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:10,000,000
Liquidation Preference:$25
Recent Market Price:$27.06
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$2.06 (8.24%)
Annualized Dividend:2.375
Recent Ex-Date:7/25/2014
Current Yield:8.78%
Original Coupon:9.500%
Pay Period:Quarterly
Pay Dates:30-Jan, 30-Apr, 30-Jul, 30-Oct
Seaspan is an independent charter owner and manager of containerships. Co. primarily deploys its vessels on long-term, fixed-rate time charters.As of Feb 28, 2014, Co. operates a fleet of 71 vessels (including 8 leased vessels) and have entered into contracts to purchase an additional 16 containerships. As of Feb 28, 2014, the average age of the 71 vessels in Co.'s operating fleet was approximately 6 years. Co. operates in markets that are very competitive and based primarily on supply and demand. Co. competes for charters based upon price, customer relationships, operating and technical expertise, professional reputation and size, age and condition of the vessel.

Preferreds: SSW.PRC, SSW.PRD, SSW.PRE


Open the SSW Information Page »
Name:  Seaspan Corp
Website:  www.seaspancorp.com
Sector:  Shipping
Number of ETFs Holding SSW:  5 (see which ones)
Total Market Value Held by ETFs:  $27,612,107
Total Market Capitalization:  $1,596,000,000
% of Market Cap. Held by ETFs:  1.73%

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