Seaspan raises $253 million for ships
Containership owner and charterer Seaspan Corp. said it has entered into a credit agreement for a $235.3 million term loan facility to finance the acquisition of two of its previously acquired 13,100-TEU vessels.
Seaspan is having Hyundai Heavy Industries build eight of the ships, which will be delivered in 2011 and chartered to COSCO Container Lines.
The loan has been fully underwritten by Sumitomo Mitsui Banking Corp. at a weighted average rate of 0.70 percent over LIBOR (London Interbank Offered Rate). Seaspan said it has raised more than $2.2 billion of debt this year at a weighted average margin of less than 0.60 percent in support of its strong growth initiatives.
Gerry Wang, chief executive officer of the company said the firm has 'approximately $550 million in immediate liquidity to capitalize on future acquisition opportunities that best serve the interests of shareholders.'
Seaspan raises $253 million for ships
