Seaspan announces closing of sustainability loan
London, United Kingdom, October 15, 2020 / CNW / – Seaspan Corporation (“Seaspan”), a wholly owned subsidiary of Atlas Corp. (“Atlas”) (NYSE: ATCO), today announced the closing of Seaspan’s Sustainability Loan (“SLL”). The SLL will be a $ 200 million increasing Seaspan’s portfolio finance program (the “Program”), the first of its kind in the container leasing industry. SLL has received a secure BBB- senior rating from the Kroll Bond Rating Agency.
The SLL consists of a $ 200 million six-year term loan. The expanded program includes a $ 300 million revolving credit facility (“RCF”) and approximately $ 1.5 billion term loan commitments, with maturities staggered between 2024 and 2026. The proceeds of the SLL are intended to repay the FCR, by strengthening liquidity and the ability to seize growth opportunities.
Bing Chen, CEO and Interim CFO of Atlas, said, “Our execution of SLL marks the first sustainability-related financing in the container leasing space and aligns Seaspan’s long-standing commitment to sustainable development with our capital structure strategy. our team has consistently implemented quality growth and improved capital structure during a difficult time for the global financial markets. We are proud of the partnerships we have forged over the past 20 years – with line customers and financial partners – that have made possible milestones. “
Matthew tinari“, Added the head of corporate development:” We are delighted to be able to stimulate innovation in both vessel financing and sustainability-related lending, which is in line with our goals of business and key Seaspan priorities.
Durability function
- Landmark for container shipping – The SLL is the first loan linked to sustainable development in the container ship rental sector.
- Sustainalytics second part opinion – Sustainalytics, a leading independent ESG research and rating provider, confirmed that SLL is aligned with the Sustainable Development Lending Principles (SLLP).
- Aligned with the principles of Poseidon – Framework inspired by the principles of Poseidon, the global framework by which financial institutions can assess the climate alignment of their ship finance portfolios.
- Align sustainability goals with financial data – SLL pricing is adjusted based on Seaspan’s achievements measured against two key performance indicators (KPIs).
- The first aims to measure the alignment of the carbon intensity of collateral ships with the decarbonization trajectory of the International Maritime Organization (IMO) 2050.
- The second aims to foster cooperation with charterers in order to advance the decarbonization program, seeking to include provisions related to sustainable development in future charter contracts, thus creating an innovative value chain approach for decarbonization. .
Advisors and lenders
SLL is fully subscribed by Societe Generale and BNP Paribas as mandated lead managers, underwriters and bookkeepers, with Societe Generale acting as the sole sustainable development coordinator.
About Atlas
Atlas is a leading global asset management company, distinguished by its position as a premier owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas brings together an experienced asset management team with solid operational and capital allocation experience. We aim for long-term risk-adjusted returns for high quality infrastructure assets in the marine, energy and other vertical infrastructure sectors. Our two holding companies, Seaspan Corporation and APR Energy, are unique and cutting-edge operating platforms in the global marine and energy spaces, respectively.
For more information visit atlascorporation.com
About Seaspan
Seaspan is a leading independent container ship owner and operator providing premier ship management services. We charter our vessels primarily under long-term, fixed-rate charter from the world’s largest container ships. Seaspan’s fully delivered fleet comprises 127 container ships, representing a total capacity of approximately 1,073,000 TEUs. Seaspan’s operating fleet of vessels has an average age of approximately 7 years and an average remaining lease term of approximately 4 years, on a TEU weighted basis.
For more information visit seaspancorp.com
Caution Regarding Forward-Looking Statements
This press release contains certain forward-looking statements (as that term is defined in Section 21E of the Securities Exchange Act of 1934, as amended) regarding future events, including forward-looking statements regarding the possible future redemption of the Notes. Statements of a predictive nature, which depend on or refer to future events or conditions, or which contain words such as “expects”, “foresees”, “intends”, “foresees”, ” believes “,” estimates “,” plans “,” forecasts “,” will “,” may “,” potential “,” should “and similar expressions are forward-looking statements. These forward-looking statements reflect the current expectations of management only as of the date of this press release. Therefore, you are cautioned not to rely on any forward-looking statements. Although such statements are based on what we believe are reasonable assumptions based on available information, they are subject to risk and uncertainties. These risks and uncertainties include, but are not limited to: the possibility that we may not be able to execute our growth strategy; the possibility not to redeem the Notes prior to maturity; and others detailed factors of you mps to other in our periodic reports and filings with the Securities and Exchange Commission, including Atlas annual report on Form 20-F for the year ended December 31, 2019. We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of future events, new information, a change in our opinions or expectations, or otherwise. We do not make any predictions or statements about the performance of any of our securities.
SOURCE Atlas Corp.
For more information: Investor Inquiries: Robert Weiner, Investor Relations, Atlas Corp., Tel. + 1-904-345-4939, Email: [email protected]