New York-listed Atlas Corp wants to exchange $80m of notes sold by its containership subsidiary to boost their liquidity.
Atlas is offering to take on Seaspan Corp's 10-year debt, which carries interest of 7.125% and was due in 2027.
Terms stay the same, but the new bonds will be redeemable at Atlas's option after two years.
The new deal will also remove a covenant requiring the group's primary business to be containership owning, leasing or management.
And another covenant requiring Atlas to provide holders with certain reports and information in the event of a cross-default will be scrapped.
$40m minimum
The notes are expected to be listed on the Nasdaq Bond Exchange.
The offer expires on 5 May and is subject to a minimum tender of $40m.
Graham Talbot, chief financial officer of Atlas and Seaspan, said the move will provide investors with greater visibility and liquidity.
He added that the notes "represent an important part of the Atlas capital structure, and this action demonstrates our commitment of continuing to build strong relationships with long-term supportive investors".
DF King & Co is serving as exchange agent.
Massive fleet expansion
The move follows a period of huge expansion for Seaspan, which earlier in April agreed to buy two 8,500-teu vessels that are fitted with scrubbers and are on long-term charters with a "global liner customer".
The acquisitions continued the buying streak that Seaspan has maintained since late last year.
The company finished 2020 with 127 containerships, totalling just over 1m teu.
But since December 2020, Seaspan has put deals in place to acquire another 41 boxships with a combined 597,000 teu.
