Preferred Stock Channel
Atlas Corp. | 9.50% Series C Cumulative Redeemable Perpetual (SSW.PRC)

This preferred is marked as having been called.
Prospectus excerpt:  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 ÙSeries C Preferred Sharesˆ).

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 ÙCovenant Defaultˆ), (ii) we experience certain defaults under any of our credit facilities (a ÙCross Defaultˆ), (iii) four quarterly dividends payable on the Series C Preferred Shares are in arrears (a ÙDividend Payment Defaultˆ) or (iv) the Series C Preferred Shares are not redeemed in whole by January 30, 2017 (a ÙFailure to Redeemˆ), 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 ÙDescription 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.ˆ

Full Prospectus PDF », Secondary Prospectus PDF », ATCO Page »

Series:C
Alternate symbology:SSW-C, SSW-PC, SSWprC
Redeemable?:Yes
Call Date:1/30/2016 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:10,000,000
Liquidation Preference:$25.00
Original Coupon:9.50%
Pay Period:Quarterly
Pay Dates:30-Jan, 30-Apr, 30-Jul, 30-Oct
CDx3 Compliance Rating: Learn SSW.PRC's Rating
Atlas is holding company. Through its subsidiaries, Co. is a global asset manager. Co. has two reportable segments: containership leasing and mobile power generation. Co.'s containership leasing segment, which is conducted through its subsidiary, Seaspan Corporation, owns and operates a fleet of containerships which it charters to main container liner companies. Co.'s power generation segment, which is conducted through its another subsidiary, APR Energy Limited, owns and operates a fleet of power generation assets, including gas turbines and other equipment, and provides power solutions to customers through various contracts.

Preferreds: SSW.PRC, ATCO.PRD, ATCO.PRE, ATCO.PRG, ATCO.PRH, ATCO.PRH, ATCO.PRI, ATCO.PRI


Open the ATCO Information Page »
Name:  Atlas Corp.
Website:  www.atlascorporation.com
Sector:  Shipping

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