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BRIEF-Seaspan Acquires Greater China Intermodal Investments Llc

Published 2018-03-14, 06:43 a/m
© Reuters.  BRIEF-Seaspan Acquires Greater China Intermodal Investments Llc
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March 14 (Reuters) - Carlyle Group Lp CG.O :

* SEASPAN ACQUIRES GREATER CHINA INTERMODAL INVESTMENTS LLC

* SEASPAN CORP - TRANSACTION SIGNIFICANTLY ACCRETIVE TO SEASPAN'S EARNINGS PER SHARE

* SEASPAN - DEAL FOR IMPLIED ENTERPRISE VALUE OF GCI IS ABOUT $1.6 BILLION

* SEASPAN - ACQUIRED REMAINING 89% CO DID NOT OWN OF GREATER CHINA INTERMODAL INVESTMENTS LLC FROM AFFILIATES OF CARLYLE GROUP & MINORITY OWNERS OF GCI

* SEASPAN-FAIRFAX FINANCIAL TO INVEST ADDITIONAL $250 MILLION IN 5.5% DEBENTURES AND WARRANTS, INCREASING TOTAL FAIRFAX INVESTMENT IN SEASPAN TO $500 MILLION

* SEASPAN - DEAL CONSIDERATION TO SELLING SHAREHOLDERS WILL BE CASH OF ABOUT $330 MILLION & $50 MILLION ISSUANCE OF CO'S SERIES D PREFERRED SHARES

* SEASPAN - FINANCED DEAL CASH CONSIDERATION WITH CASH FROM BALANCE SHEET & $16 MILLION REINVESTMENT BY WASHINGTON FAMILY IN CO'S COMMON EQUITY

* SEASPAN - IMPLIED ENTERPRISE VALUE OF GCI INCLUDES ASSUMED THIRD PARTY NET DEBT OF ABOUT $1.0 BILLION & $140 MILLION OF FUTURE VESSEL PAYMENTS

* SEASPAN - GCI'S CURRENT FLEET WILL ADD ABOUT $1.3 BILLION TO CO'S CONTRACTED FUTURE REVS, INCREASING CO'S TOTAL CONTRACTED FUTURE REVS TO ABOUT $5.6 BILLION

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