Benzinga | Jul 23, 2020 07:23AM EDT

Seaspan Reports Purchase Of 2 Containerships For ~$146M In Cash

Seaspan Corporation ("Seaspan"), a wholly owned subsidiary of Atlas Corp. ("Atlas") (NYSE:ATCO), today announced that it has agreed to the purchase of two high-quality containerships (the "Acquired Vessels") for approximately $146 million in cash. The purchase of the Acquired Vessels is expected to be financed from additional borrowings as well as cash on hand. Seaspan expects to take delivery of the Acquired Vessels in Q3 2020, subject to customary closing conditions. The transaction is expected to be immediately accretive to Atlas' earnings per diluted share and increase long-term contracted revenue by over $150 million while maintaining a strong net debt to equity ratio of approximately 1.2x1.



The Acquired Vessels are comprised of two 13,000 TEU vessels built in 2010 and 2011, both of which will operate under long-term charters with a leading global liner. Pro forma for this acquisition, Seaspan's global fleet will consist of 125 vessels and approximately 1,049,000 TEU, with total contracted revenue of approximately $4.5 billion1 and a weighted average remaining lease period of approximately 4 years1.