Seaspan Announces Cancellation of Bondholder Meeting

16 Dec 2022 01:15 CET

London, December 16, 2022 – Seaspan Corporation (“Seaspan” or the “Company”) a
wholly owned subsidiary of Atlas Corp. (“Atlas”) announced today that it has
decided to withdraw its Proposal relating to the Company's senior unsecured bond
issue maturing in April 2026 (ISIN NO 0010981939) (the "Bond Issue"), as set out
in the attachment to the press release dated December 1, 2022, as amended by the
attachment to the press release dated December 13, 2022. The Proposal included
certain amendments to the bond terms related to the announcement by Atlas on
November 1, 2022 that Atlas will be acquired by Poseidon Acquisition Corp.
(“Poseidon”).

As agreement could not be reached with certain bondholders, amounting to more
than 1/3 of the outstanding bonds, the Company is providing notice that the
bondholder vote scheduled for December 16, 2022, is cancelled. The Company plans
to have liquidity available for any bondholder redemptions following conclusion
of the transaction with Poseidon.

Seaspan continues to believe that its offer included in the Proposal was
attractive given the Company’s strong and stable credit profile backed by
substantial locked-in contracted cash flows with high quality counterparties
(approx. $18.3 billion as at September 30, 2022). As of September 30, 2022, the
Company had cash and undrawn revolving credit facilities of approximately $1.1
billion as well as undrawn committed newbuild financing facilities of
approximately $6.0 billion to meet its capital requirements.

Graham Talbot, CFO of Atlas, commented, “We would like to thank bondholders for
their feedback and partnership throughout this process. We will continue making
progress toward our objective of achieving an investment grade credit rating at
Seaspan, for which a strong component of unsecured credit within the Company’s
capital structure is an important target. To that end, while we remain ready to
repay this particular Bond Issue, we will endeavour to continue building
long-term relationships with supportive bondholders.”

DNB Markets is acting as financial advisor to Seaspan.
 
About Atlas

Atlas is a leading global asset management company, differentiated by its
position as a best-in class owner and operator with a focus on disciplined
capital deployment to create sustainable shareholder value. We target long-term,
risk-adjusted returns across high-quality infrastructure assets in the maritime
sector, energy sector and other infrastructure verticals. For more information
visit atlascorporation.com.

About Seaspan

Seaspan is the largest global containership lessor, primarily focused on
long-term, fixed-rate leases with the world’s largest container shipping liners.
As at September 30, 2022, Seaspan’s operating fleet consisted of 129 vessels
with a total capacity of 1,180,230 TEU, and an additional 61 vessels under
construction, increasing total fleet capacity to 1,919,230 TEU, on a fully
delivered basis. For more information, visit seaspancorp.com.

Cautionary Note Regarding Forward-Looking Statements

This statement and the materials referenced herein contain certain
forward-looking statements concerning future events, including the transaction
giving rise to the Amendment Proposal. Forward-looking statements are statements
that are not historical facts and may be identified by words such as
"anticipate", "believe", "continue", "estimate", "expect", "intends", "may",
"should", "will" and similar expressions. The forward-looking statements in this
release are based upon various assumptions, many of which are based, in turn,
upon further assumptions. Although Seaspan believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies, and other important
factors which are difficult or impossible to predict and are beyond its control.
Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in the general
economic, political and market conditions in the markets in which Seaspan
operates and changes in laws and regulations. Such risks, uncertainties,
contingencies, and other important factors include, but are not limited to, the
possibility that the transaction giving rise to the Amendment Proposal may not
be completed and could cause actual events to differ materially from the
expectations expressed or implied in this release by such forward-looking
statements. The information, opinions and forward-looking statements contained
in this announcement speak only as at its date and are subject to change without
notice. Seaspan and its respective affiliates expressly disclaim any obligation
or undertaking to update, review or revise any statement contained in this
announcement whether because of new information, future developments or
otherwise.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act. This stock exchange notice
was published by Peter Li, Associate General Counsel of Seaspan Corporation on
December 16, 2022, at 1:15am CET.



Investor Inquiries:
Will Kostlivy
Investor Relations
Atlas Corp.
Tel. +1-888-829-0013
Email: IR@atlascorporation.com
-end-

More information:
Access the news on Oslo Bors NewsWeb site

578376_Seaspan PR - Cancellation of Bondholders Meeting.pdf