Seaspan Corporation announced the closing of a $500 million increase (the “Accordion”) to its portfolio financing program (the “Program”). The Program initially closed on May 15, 2019 with a total capacity of $1.0 billion, and subsequent to closing of the Accordion, has a total capacity of $1.5 billion.

Net proceeds from the Program are intended to be used to repay five secured credit facilities, for general corporate purposes, and may be used in part to finance the acquisition of vessels. The expanded Program will be comprised of a $300 million revolving credit facility (“RCF”), increased from $200 million, and a $1.2 billion term loan facility (“TLA”), increased from $800 million. The TLA is expected to be fully utilized. There is expected to be undrawn committed capacity remaining under the RCF, which will provide incremental corporate liquidity. The expanded Program is expected to consist of a portfolio of 41 vessels, which may change over time as vessels are added or removed.

Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. The company charter the 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 seven years and an average remaining lease period of approximately four years, on a TEU-weighted basis.

Seaspan has the following securities listed on The New York Stock Exchange:

SSWClass A Common Shares
SSW PR DSeries D Preferred Shares
SSW PR ESeries E Preferred Shares
SSW PR GSeries G Preferred Shares
SSW PR HSeries H Preferred Shares
SSW PR ISeries I Preferred Shares
SSWA7.125% Senior Unsecured Notes due 2027
SSW255.500% Senior Notes due 2025
SSW265.500% Senior Notes due 2026