Seaspan Corp has attained $1bn in loans in an effort to restructure its debt.
The New York-listed containership owner today closed a new $1bn portfolio financing programme made up of a $200m revolving credit facility and an $800m term loan.
Bing Chen-led Seaspan can double the loan by expanding the facilities, getting more loans or issuing private placement notes, in each case by enlarging a present collateral pool of 36 ships.
Proceeds will go toward repaying 12 secured credit facilities and paying for general corporate purposes, and may also be used in part to finance vessel acquisition.
Seaspan said the programme, backed by several lenders, offers an average interest margin lower than refinanced facilities, improves its five-year amortisation profile and provides attractive financing for its fleet.
"This is a first of its kind financing in the shipping space, and demonstrates our management team's forward thinking," chairman David Sokol said.
Chief financial officer Ryan Courson said the financing will provide "several long-term benefits", including more control over debt maturity and amortisation.
Lenders include ABN AMRO Capital, Bank of America, Canadian Imperial Bank of Commerce, Canadian Western Bank, CTBC Bank. Federation des caisses Desjardins du Québec, JPMorgan Chase Bank and Coast Capital Savings Federal Credit Union.
Citigroup Global Markets is the financing's sole structuring agent while Citibank acted as lead bookrunner and mandated lead arranger.
Wells Fargo Bank and Bank of Montreal also acted as bookrunners and mandated lead arrangers.
BNP Paribas, National Australia Bank Limited and Societe Generale served as lead arrangers.
