Shares of Atlas Corp. (ATCO) are sliding more than 11 percent on Wednesday morning trade.
The company announced that its subsidiary Seaspan Corp. has launched a private placement offering of $175 million exchangeable senior notes due 2025. Seaspan intends to use the net proceeds from the offering to pay the net cost of the capped call transactions as well as for general corporate purposes.
Currently, ATCO is at $10.23, down 11.12 percent from the previous close of $11.51. The shares have traded in a range of $0.62 to $14.62 on average volume of 453,696.
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