Global Ship Lease, Inc. Announces Closing of the Full Redemption of Its 9.875% First Priority Secured Notes Due 2022
January 21, 2021 at 08:30 am
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Global Ship Lease, Inc. announced that it has closed on its previously announced full redemption of all of the then-outstanding $233,436,000 aggregate principal amount of its 9.875% First Priority Secured Notes due 2022 (the “Notes”) at a redemption price equal to 102.469% of the principal amount thereof (the “Redemption Price”) plus accrued and unpaid interest to, but not including, the redemption date of January 20, 2021. The Company paid the Redemption Price using funds from the drawdown of its previously-announced $236.2 million senior secured loan facility with Hayfin Capital Management, LLP, along with cash on hand. All Notes have been cancelled and the Notes will no longer trade on The International Stock Exchange. Upon the closing of the redemption, the Company issued an aggregate of 12,955,188 Class A common shares to KEP VI (Newco Marine) Ltd. and KIA VIII (Newco Marine) Ltd. (together, “Kelso”), both affiliates of Kelso & Company, a U.S. private equity firm, upon Kelso’s conversion of its 250,000 Series C Preferred Shares, representing all such shares then outstanding, in accordance with the terms of the Certificate of Designation governing the Series C Preferred Shares. Following the conversion of the Series C Preferred Shares, the Company has 30,696,196 Class A common shares outstanding.
Global Ship Lease, Inc. is a United Kingdom-based containership owner, leasing ships to container shipping companies under industry-standard, fixed-rate time charters. The Company focuses on mid-size Post-Panamax and smaller containerships. As a containership owner, its business is both procyclical with chartered tonnage and counter-cyclical with sale and lease-back structures. The Company owns 68 containerships, ranging from 2,207 to 11,040 TEU, with a combined capacity of 375,406 TEU. 36 ships are wide beam Post-Panamax. The mix of ship sizes within its fleet provides flexibility to deploy its vessels on a range of trading routes. Its portfolio of vessels includes CMA CGM Thalassa, ZIM Norfolk, Anthea Y, ZIM Xiamen, MSC Tianjin, MSC Qingdao, GSL Ningbo, GSL Alexandra, GSL Effie, GSL Lydia, GSL Sofia, GSL Kalliopi, GSL Grania, GSL Eleni, Mary, Kristina, Katherine, Alexandra, Alexis, Olivia I, CMA CGM Berlioz, Agios Dimitrios, and GSL Christel Elisabeth, among others.