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Global Ship Lease wraps excess cash flow offer for 10% notes due 2019
By Susanna Moon
Chicago, April 20 – Global Ship Lease, Inc. said it accepted for purchase tenders of $19,501,000 of its outstanding 10% first priority secured notes due 2019.
Global Ship will purchase the tendered notes using a proration factor of 6.15%, according to a company update on Thursday.
The aggregate purchase price will be about $19,999,359, including accrued interest.
The company was offering to purchase up to $20 million of the notes at a price of 102 plus accrued interest to but excluding the purchase date of April 21.
The tender offer ran from March 22 until 5 p.m. ET on April 19 and consisted of an excess cash flow offer and a collateral sale offer.
The notes indenture requires the company to make an excess cash flow offer to purchase up to $20 million of the notes within 120 days of the end of each fiscal year in which the company has at least $1 million of excess cash flow.
Global Ship Lease is a containership charter owner based in London.
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