Atlas Stock Price, News & Analysis

ATCOL is the trading symbol for Atlas Corp.'s 7.125% Senior Unsecured Notes due 2027 (the "Atlas Notes"). These notes were issued by Atlas Corp., a global asset management company, and were approved for listing on the Nasdaq Global Market under the symbol ATCOL. The notes represent a debt security of Atlas Corp., rather than common equity.

According to Atlas, the company is a global asset management business that is differentiated by its position as an owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas targets long-term, risk-adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Its portfolio includes Seaspan Corporation and APR Energy Ltd., which Atlas describes as operating platforms in the global maritime and energy spaces, respectively.

Seaspan Corporation is described as an independent owner and operator of containerships. It charters vessels primarily under long-term, fixed-rate time charters to large container shipping liners. Financial information for Seaspan appears as part of Atlas-related filings, reflecting its role as a key operating subsidiary within the broader Atlas structure.

Atlas Corp. files reports as a foreign private issuer under Form 20-F and submits interim information on Form 6-K. Its interim consolidated financial statements show assets and liabilities associated with vessels, vessels under construction, right-of-use assets, net investment in leases, derivative instruments and other financing arrangements. These disclosures provide context for the credit profile that underlies the ATCOL notes.

Atlas Corp. has reported its principal executive offices in London, United Kingdom, and has also provided a Vancouver, British Columbia, address in connection with certain listing and delisting documents. The ATCOL notes were initially listed on the Nasdaq Stock Market LLC, and later became the subject of a Form 25 notification of removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934.

Investors researching ATCOL are examining a specific class of Atlas Corp. debt. The value and risk profile of these notes are tied to Atlas Corp.'s consolidated financial condition, its operating subsidiaries such as Seaspan and APR Energy, and its capital structure as disclosed in its SEC filings.

Business context of Atlas Corp.

Atlas describes itself as an asset management company that combines an experienced asset management team with operational and capital allocation experience. It focuses on infrastructure-type assets in sectors such as maritime and energy. Through Seaspan, Atlas is exposed to the containership leasing and chartering business, while APR Energy relates to energy operations described as part of Atlas's infrastructure verticals.

Atlas's interim consolidated financial statements present revenue, operating expenses, depreciation and amortization, general and administrative expenses, operating leases, and gains or losses on asset sales. They also disclose interest expense, interest income, derivative instrument gains or losses and other expenses. These items help investors understand the earnings capacity that supports obligations under the ATCOL notes.

Capital structure and securities related to ATCOL

Atlas Corp.'s filings reference multiple securities, including common shares, preferred shares and debt instruments. The ATCOL 7.125% Notes due 2027 are one such class of securities. In addition, Atlas has issued cumulative redeemable perpetual preferred shares in various series, which are referenced in its 6-K filings and in Form 25 notices relating to removal from listing of certain preferred share series.

Atlas's capital structure includes long-term debt, finance lease liabilities, operating lease liabilities and other financing arrangements. These obligations appear alongside shareholders' equity and cumulative redeemable preferred shares in the consolidated balance sheet. The ATCOL notes fit within this broader mix of funding sources used by Atlas to finance vessels, vessels under construction and other assets.

Delisting and redemption developments

Form 25 filings indicate that Atlas Corp.'s 7.125% Notes due 2027, trading under the symbol ATCOL on the Nasdaq Stock Market LLC, were the subject of a notification of removal from listing and/or registration under Section 12(b) of the Exchange Act. A separate Form 25 filing relates to the removal from listing of a series of Atlas Corp.'s cumulative redeemable perpetual preferred shares from the New York Stock Exchange.

Subsequent 6-K filings describe the redemption of all of Atlas Corp.'s issued and outstanding 7.125% Senior Notes due 2027, identifying a specific number of notes redeemed at a stated price per note. These filings also describe redemptions of certain series of cumulative redeemable perpetual preferred shares, with a portion of one series remaining outstanding and listed on the New York Stock Exchange. Together, these documents show that ATCOL represents a class of notes that has been fully redeemed and removed from exchange listing.

Relationship with Seaspan Corporation

Earlier announcements describe Atlas Corp.'s offer to exchange up to a specified aggregate principal amount of the Atlas Notes for outstanding Seaspan Corporation 7.125% Notes due 2027. This exchange reflects the integration of Seaspan's financing within the Atlas capital structure. Separate interim financial statements for Seaspan Corporation, included as exhibits to Atlas-related 6-K reports, present Seaspan's vessels, net investment in leases, long-term debt, finance lease liabilities and other financing arrangements.

These Seaspan disclosures provide additional context for investors assessing Atlas Corp. and its notes, as Seaspan's operations and financial performance contribute to Atlas's consolidated results and ability to service its debt obligations, including the ATCOL notes during the period they were outstanding.

How ATCOL fits into Atlas Corp.'s financing

The ATCOL 7.125% Notes due 2027 formed part of Atlas Corp.'s broader financing strategy that includes bank debt, lease financing, other notes and preferred equity. The notes were senior unsecured obligations, as described in the original listing announcement. Their listing on the Nasdaq Global Market provided a public market for trading, and subsequent redemption and delisting events are documented in Atlas's 6-K and Form 25 filings.

For those reviewing ATCOL historically, the key points are that the notes were issued by Atlas Corp., were associated with the maritime and energy infrastructure activities of Atlas and its subsidiaries, and were ultimately redeemed and removed from exchange listing, as reflected in the SEC filings.