Independent containership owner and operator Seaspan Corporation has received a letter of intent from investment firm Fairfax Financial Holdings Limited for an investment of up to $250 million.
The Fairfax investment will be in exchange for 5.5% interest-bearing debentures and class A share purchase warrants from Seaspan.
Seaspan intends to use the $250 million investment to fund future growth initiatives, debt repayment and for general corporate purposes.
“The company's management team and I are extremely honoured to have Fairfax Holdings and their CEO, Prem Watsa, as investors and partners,” said David Sokol, Chairman of Seaspan Corporation.
“The investment by Fairfax will strengthen and simplify our balance sheet, while increasing our financial flexibility to take advantage of compelling opportunities.
“We welcome Fairfax's insights and participation on our board, as Seaspan seeks to further capitalize on its industry-leading position.”
Published: 4 January, 2018
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