New York-listed Seaspan Corporation has closed another "accordion" financing deal worth $500m.

The sum has been added to a $1bn portfolio funding programme it arranged in May.

Net proceeds are intended to repay five secured credit facilities and for general corporate purposes, as well as for potential ship acquisition.

The expanded financing now consists of a $300m revolving credit facility, increased from $200m, and a $1.2bn term loan, up from $800m.

The second of these is expected to be fully used.

But there will likely be an undrawn sum remaining under the revolver, "which will provide incremental corporate liquidity," it added.

The funding covers a portfolio of 41 ships, but this could change over time as vessels are added or removed.

CFO Ryan Courson said the deal represents "a continued improvement to our capital structure and corporate flexibility."

He added: "The programme was well received by our lending partners, and was substantially oversubscribed.

"We have already begun to realise strategic, as well as financial benefits...and we expect it to meaningfully enhance Seaspan's ability to achieve its strategic objectives going forward."

The group owns 112 ships currently.