BB&T Capital Markets Serves as a Co-Manager on Seaspan Corporation’s Bond Offering
BB&T Capital Markets’ Logistics & Transportation Group completed a transaction for a containership company in the fourth quarter of 2017, helping to raise $80,000,000 in gross proceeds for our client. The completion of this transaction marks BB&TCM’s fourth capital raise for Seaspan since 2016.
The company intends to use the net proceeds of the offering to repay a portion of a secured credit facility and any remaining proceeds will be used for general corporate purposes, which may include funding vessel acquisitions and repaying other outstanding secured indebtedness. The notes will be due in 2027 and bare a coupon of 7.125%, paying quarterly starting first quarter of 2018.
About the Companies
Seaspan Corporation operates as an independent charter owner and manager of containerships in Hong Kong. The company charters its containerships under long-term, fixed-rate time charters to various container liner companies. As of May 26, 2017, Seaspan operates a fleet of 89 containerships. The company was founded in 2005 and is based in Central, Hong Kong.
Logistics & Transportation Services
BB&T Capital Markets' Logistics & Transportation Group provides M&A, capital raising and corporate banking services to companies in the logistics and transportation industry, including third-party logistics providers (freight forwarding, contract warehousing, truck brokerage), trucking (truckload and LTL), marine transportation (inland barge and international shipping), railroads, transportation equipment and waste services. BB&T’s Logistics & Transportation Corporate Banking Team manages in excess of $2.1 billion of assets, comprised by more than 50 industry relationships. The team specializes in delivering corporate finance and equipment finance solutions to industry participants spread across all sectors of the transportation industry.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.