Seaspan Corp has raised $300m from its second sustainability-linked bond issue in the Nordic bond market, the company confirmed late on Friday.

The shipowner, a subsidiary of US-listed Atlas Corp, said the senior unsecured bonds will mature in April 2026 and bear interest at 6.5% per annum.

Seaspan said the net proceeds from the bond issue will be used for general corporate purposes, which may include repayment of debt.

But the deals follow a buying spree by the Hong Kong and Vancouver-based boxship owner.

The company purchased two 8,500-teu vessels earlier this month, bringing its total acquisitions for 2021 so far to 41 containerships with a combined capacity of 597,000 teu.

“Atlas continues to optimise its capital structure through access to the unsecured credit markets, placing our second Nordic bond issuance,” Seaspan chief financial officer Graham Talbot said.

“We have a solid and growing institutional investor base, which reflects our continued strong and resilient financial performance, consistent quality growth, and our commitment and execution of ESG [environment, social and governance] initiatives.”

'Important step'

Talbot added that this latest move was another “important step towards achieving an investment-grade corporate credit rating”.

Investment bank Fearnley Securities, which acted as joint bookrunners for the offering alongside DNB Markets, said the issuance attracted “broad and strong demand from investors globally”.

Seaspan has now raised $500m from sustainability-linked bonds following its debut in this sector in January when it raised $200m from a three-year bond with the same 6.5% coupon.

Last October, Seaspan claimed to have undertaken the first sustainability-linked financing in the containership leasing space when it raised $200m from a sustainability-linked loan.

Odfjell was the first shipping company to issue a sustainability-linked bond when it raised NOK 850m ($100m) a week before Seaspan.

An increasing number of shipowners are looking at utilising sustainability-linked financing which is designed to encourage socially sustainable economic activity.

Taiwanese shipowner U-Ming Marine Transport recently secured its first such loan securing $45m to help finance the purchase of an LNG dual-fuelled 190,000-dwt bulker that has been ordered on the back of a 10-year charter by Anglo American.