By Stephanie N. Rotondo
Phoenix, Aug. 14 – Global Ship Lease Inc. priced $35 million of 8.75% series B cumulative redeemable perpetual preferred stock, according to an FWP filed with the Securities and Exchange Commission.
The preferreds will be issued as depositary shares representing a 1/100th interest.
Morgan Stanley & Co. LLC is the bookrunner.
Dividends will be payable on the first day of January, April, July and October, beginning Oct. 1. The company can redeem the preferreds on or after Aug. 20, 2019 or within 180 days of a fundamental change at par plus accrued dividends.
A portion of the proceeds will be used to repurchase all outstanding series A preferred shares at a discount to their liquidation value. Any remaining funds will be used for general corporate purposes.
Global Ship Lease is a London-based containership charter owner.
| Issuer: | Global Ship Lease Inc.
|
| Securities: | Series B cumulative redeemable preferred stock
|
| Amount: | $35 million, or 1.4 million shares
|
| Greenshoe: | $5.25 million, or 210,000 shares
|
| Maturity: | Perpetual
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Co-managers: | Ladenburg Thalmann & Co. Inc., National Securities Corp.
|
| Dividend: | 8.75%
|
| Price: | Par of $25.00
|
| Yield: | 8.75%
|
| Talk: | 8.75% area
|
| Call options: | On or after Aug. 20, 2019 or within 180 days of a fundamental change at par plus accrued dividends
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 20
|
| Expected listing: | NYSE: GSLPB
|
| Cusip: | Y27183121
|
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