SeaCube Container Leasing has started its initial public offering of 2.5 million primary common shares, as well as the offering of seven million secondary common shares, by Seacastle Operating Company, an entity indirectly owned by private equity funds managed by an affiliate of Fortress Investment Group.
The shares were priced at USD10 per share.
Fortress funds acquired the company in 2006 and will indirectly own approximately 47 per cent of SeaCube after the closing of the offering and prior to the exercise of over-allotments, if any.
In connection with the offering, SeaCube granted the underwriters a 30-day option to purchase up to 950,000 additional common shares, and Seacastle Operating Company granted the underwriters the option to purchase up to 475,000 additional common shares, to cover over-allotments, if any.
The shares will begin trading on 28 October 2010 on the New York Stock Exchange. The offering is expected to close on 2 November 2010.
J.P. Morgan, Citi, Deutsche Bank Securities and Wells Fargo Securities are acting as representatives for the underwriters of this offering.
