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Seaspan Enters into 10-year Flexible Financing Program for Acquisition of Four Vessels
Wednesday 25 March 2020

25 March 2020 - Containership owner Atlas Corp.'s (NYSE: ATCO) Seaspan Corp subsidiary has taken delivery of the first of four vessels to be acquired pursuant to a previously reported acquisition agreement, the company said.

In connection with the delivery, Seaspan has closed one of four innovative finance lease transactions with total proceeds of approximately USD 340m, in partnership with a leading financial institution.

At the conclusion of the initial 10-year term, Seaspan is obligated to purchase the vessels at a predetermined price.

The closing of the remaining three financings are with the same financial partner and are subject to identical terms and conditions. In addition, these vessels have pre-determined delivery schedules according to our vessel sale and purchase agreement.

Atlas Corp. is a global asset management company differentiated by its integrated platform as a best-in-class owner and operator with a focus on deploying capital to create sustainable shareholder value.

Atlas' wholly-owned subsidiaries, Seaspan and APR Energy, are unique, industry-leading operating platforms in the global maritime and energy space.

Seaspan is a leading independent owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners.

Seaspan's fleet consists of 123 containerships, including four vessels the company has agreed to purchase, which have not yet been delivered, representing total capacity of approximately 1,023,000 TEU. Seaspan's current operating fleet of 119 vessels has an average age of approximately seven years and an average remaining lease period of approximately four years, on a TEU-weighted basis.
Date Published: 25/03/2020