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Global Ship Lease to redeem all outstanding series A preferred shares
By Tali Rackner
Norfolk, Va., Aug. 18 – Global Ship Lease, Inc. said its will redeem all of its outstanding series A preferred shares, according to a press release.
Pursuant to an agreement with CMA CGM, which holds all of the series A preferreds, the shares, which have a liquidation value at maturity (between 2016 and 2019) of $45 million, will be repurchased for $36.4 million.
The transaction will be funded with proceeds from a series B cumulative perpetual preferred share offering, which is expected to close on or about Aug. 20, and cash on hand.
Global Ship Lease is a London-based containership charter owner.
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