OTTAWA (dpa-AFX) - Seaspan Corp. (SSW) announced that Fairfax Financial Holdings Limited, through certain subsidiaries, has entered into a definitive agreement to invest an additional $500 million of equity in Seaspan through the exercise of two tranches of warrants, increasing Fairfax's total investment in Seaspan to $1 billion.
David Sokol, Chairman of Seaspan, said: 'The cumulative investment of $1 billion from Fairfax will significantly strengthen Seaspan's balance sheet, significantly improve access to capital and accelerate our progress toward achieving an investment grade credit rating.'
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