Bank Commitments News

HONG KONG, CHINA--(Marketwired - May 18, 2016) - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today that it has entered into over $540 million of debt and equity financings. Gerry Wang, Chief Executive Officer, Co-Chairman, and Co-Founder of Seaspan, commented, "We are pleased to announce that we have accessed over $540 million in attractively priced capital, which further strengthens our financial position and enhances our financial flexibility. Seaspan's consistent ability to access diverse and innovative sources of capital reflects our leadership position in the market, and the breadth of our relationships with capital providers.

Stolt Offshore S.Atoday announced that the Board of Directors has agreed to accept the offer from Stolt-Nielsen S.A., the company's parent, to exchange $24 million principal amount of outstanding debt owing by the Company to Stolt-Nielsen S.A. for 3 million Common shares at an exchange price of $8.00 per share. On completion of this transaction the total number of Common share equivalents outstanding will be 83.9 million. Given the outlook for the business, this exchange of debt for equity and bank commitments to provide a new $100 million revolver, the Board is satisfied that the Company will have sufficient funding in place to meet its operating needs.