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Seaspan re-prices public offer after withdrawing earlier IPO attempt
SEASPAN, the independent charter owner and container lessor that is based in Vancouver, but run from Hong Kong, has re-priced its US$50 million pubic offering of 7.95 per cent Series D shares at $25 per share from October's $125 million bond plan.
Seaspan chairman and CEO Gerry Wang presented an earlier IPO of mixed common share and convertible bond on October 7 which was followed by its major shareholder, Tiger Group, reducing its stake in the company from 8.4 per cent to 7.3 per cent or equating to a decrease in its holding of 300,000 shares.
The proceeds from the latest sale will support its ongoing vessel acquisition of newbuildings at a time when its customers modernise fleets and container rates are in a downcycle.
According to the US Securities and Exchange Commission, the share offering will be run by joint book-running managers: Merrill Lynch, Pierce, Fenner & Smith, Citigroup Global Markets, Credit Suisse Securities (USA).
Seaspan chairman and CEO Gerry Wang presented an earlier IPO of mixed common share and convertible bond on October 7 which was followed by its major shareholder, Tiger Group, reducing its stake in the company from 8.4 per cent to 7.3 per cent or equating to a decrease in its holding of 300,000 shares.
The proceeds from the latest sale will support its ongoing vessel acquisition of newbuildings at a time when its customers modernise fleets and container rates are in a downcycle.
According to the US Securities and Exchange Commission, the share offering will be run by joint book-running managers: Merrill Lynch, Pierce, Fenner & Smith, Citigroup Global Markets, Credit Suisse Securities (USA).
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