Seaspan Announces Closing of Innovative $1 Billion Portfolio Financing Program
SEASPAN CORP (SSW)
Last seaspan corp earnings: 2/19 08:12 am
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US:NYSE Investor Relations:
seaspancorp.com/ir-dashboard
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Source: PR Newswire
HONG KONG, May 15, 2019 /PRNewswire/ - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today the closing of its new $1.0 billion portfolio financing program (the "Program"). The Program consists of pari passu ranking senior secured loan facilities, guaranteed by Seaspan, including a $200 million revolving credit facility ("RCF") and an $800 million term loan facility ("TLA"). A conference call will be held to discuss details of the transaction.The Program can be increased to $2.0 billion through additional commitments under the RCF and TLA, execution of additional secured loan agreements and/or issuing private placement notes, in each case with a corresponding expansion of the collateral pool. The Program provides Seaspan with the flexibility to add, substitute and remove vessels during the term, subject to a borrowing base, portfolio concentration limits, absence of defaults, and compliance with financial covenants. The Program will initially consist of a portfolio of 36 vessels
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