Seaspan to redeem all remaining 9.5% series C preferreds on June 20

By Angela McDaniels

Tacoma, Wash., June 6 – Seaspan Corp. will redeem $108,044,350, or 4,321,774 shares, of its 9.5% series C cumulative redeemable perpetual preferred stock (NYSE: SSWPRC) on June 20, according to a company news release.

This redemption is in addition to the previously announced redemption of $140 million, or 5.6 million, of the preferreds scheduled to occur on June 7 and the redemption $85 million, or 3.4 million, of the preferreds scheduled to occur on June 13.

Together, these redemptions represent all of the currently 13,321,774 outstanding preferreds.

The redemption price is $25 per preferred plus accumulated dividends up to but excluding the applicable redemption date.

Hong Kong-based Seaspan provides ship-management services and leases on containerships.

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