Seaspan Corp., which charters container ships under long-term leases, said Monday it will offer about 7 million common shares to raise some $193.9 million.
The company, shares of which closed Friday at $28.92, also said certain executive officers will buy directly from Seaspan about $18.1 million worth of shares.
Seaspan plans to offer underwriters an option to buy up to 1.1 million additional shares to cover any overallotments in the public offering.
Not counting the option, Seaspan expects to have 57.5 million shares outstanding after the offering and stock purchase by company officers. As of March 31 there were 50.5 million common shares outstanding.
Seaspan intends to use the money received for general corporate purposes, including repaying debt, capital expenditures, working capital and buying ships.
Merrill Lynch & Co., Citi and Goldman, Sachs & Co. are joint underwriters.
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