Seaspan Corporation (Seaspan) (NYSE: SSW) announced that it has prepaid a credit facility which was secured by six of its vessels.
Upon completion of the collateral release documentation, this will expand Seaspan's pool of unencumbered vessels from 18, as reported in its Q3 2018 earnings press release, to 24 vessels.
Ryan Courson, Chief Financial Officer of Seaspan, commented, "Seaspan continues to add flexibility to the Company's capital structure by de-leveraging and unencumbering vessels. We are firmly committed to strengthening the balance sheet as one of the Company's strategic priorities."
Pro forma Unencumbered Asset Pool*
| TEU Class | Vessel Count |
| 2500 | 2 |
| 3500 | 2 |
| 4250 | 14 |
| 8500 | 2 |
| 9600 | 2 |
| 10000 | 2 |
| Total | 24 |
* Includes vessels securing debt which has been repaid in November 2018
Source: Seaspan