Seacastle plans to raise $290 million in stock offering
Fortress Investment Group plans to raise around $290 million through the sale of an 18 percent stake in Seacastle Inc., which will buy and lease chassis, containers and containerships.
In a filing with the Securities and Exchange Commission, Fortress said it plans to sell 20 million shares of common stock priced at $15 to $17 a share. If sold at $16, the company said net proceeds would be $289.9 million.
Seacastle was formed in June 2007 for the purpose of combining under a single holding company the refrigerated container and related equipment-leasing business operated by Container Leasing International, which did business as Carlisle Leasing International, with the containership leasing business that Seacastle had started.
Seacastle then acquired the leasing company Interpool in July 2007.
Seacastle owns or manages 247,000 intermodal chassis, 985,000 TEUs of dry freight and refrigerated shipping containers and seven containerships with aggregate capacity of 32,770 TEUs. Its ships are chartered to APL, CSAV, and Mediterranean Shipping Co.
It also has agreements to purchase six additional containerships totaling 27,320 TEUs to be delivered in 2009 and 2010, which APL and Mitsui O.S.K. Lines have agreed to charter.
The Park Ridge, N.J.-based company employs 341 people in seven countries.