As noted in comments today Atlas Corp (private) is going to be calling 2 issues of preferreds and 1 issue of baby bonds.
Atlas Corp is a shipping company, with primarily assets from the old Seaspan and was taken private by Poseidon on 3/28/2023.
I was kind of surprised to see this call as the coupons of all 3 issues are in the 7’s–and the total cost of calling these issues is $350-400 million–a pretty heavy lift, but their financials have been fairly stellar recently–the latest earnings of Seaspan are here.
The SEC filing on these actions is here—-of note is that while I believe the intention is to call all shares and bonds they do mention that ‘a portion of the Series H preferred shares will take place in the 2nd quarter’. Does this mean they will call the balance in the 3rd quarter?
