LONDON, May 6, 2021 /CNW/ -
Atlas Corp. (ATCO) ("Atlas") (NYSE: ATCO) today announced that it has extended the expiration of its offer to exchange (the "Exchange Offer") up to $80,000,000 aggregate principal amount of 7.125% Notes due 2027 (the "ATCO Notes"), which have been registered under the Securities Act of 1933, as amended, for any and all outstanding $80,000,000 aggregate principal amount of 7.125% Notes due 2027 of its subsidiary, Seaspan Corporation (
SSWN) (the "Seaspan Notes"). The Seaspan Notes were originally issued in October 2017. Holders of Seaspan Notes may tender some or all of their Seaspan Notes pursuant to the Exchange Offer.
The Exchange Offer was scheduled to expire at 5:00 p.m. New York City time on Wednesday, May 5, 2021 and will now expire at 5:00 p.m. New York City time on May 12, 2021 (the "Extended Expiration Date"), unless further extended by Atlas. As of 5:00 p.m. on May 5, 2021, $49,793,775 aggregate principal amount of Seaspan Notes has been tendered and not withdrawn in the Exchange Offer, satisfying the minimum tender condition. The extension has been made to allow time to facilitate further tenders expected from holders of the Seaspan Notes. After completion of the Exchange Offer, the ATCO Notes are expected to be listed on the Nasdaq Bond Exchange.