The program consists of pari passu ranking senior secured loan facilities, guaranteed by Seaspan, including a USD 200 million revolving credit facility (RCF) and an USD 800 million term loan facility.

Seaspan said that the program can be increased to USD 2 billion through additional commitments under the RCF and TLA, execution of additional secured loan agreements and/or issuing private placement notes, in each case with a corresponding expansion of the collateral pool.

This move provides Seaspan with the flexibility to add, substitute and remove vessels during the term. The program will initially consist of a portfolio of 36 vessels.

Net proceeds from the program would be used to repay 12 secured credit facilities, for general corporate purposes, and may be used in part to finance the acquisition of vessels, Seaspan concluded.