Global Ship Lease to refinance 9 7/8% secured notes due 2022

By Taylor Fox

New York, Jan. 8 – Global Ship Lease, Inc. plans to redeem in full its outstanding 9 7/8% first priority secured notes due 2022, according to a news release.

The notes will be redeemed using proceeds from a new $236.2 million loan facility and cash on hand.

The new facility matures in January 2026 and bears interest at Libor plus 700 basis points. Scheduled amortization under the new facility is $26 million annually, a reduction from amortization of $35 million annually under the 2022 notes.

Amortization will be at par under the new loan, rather than at 102 under the notes.

Global Ship Lease is a containership charter owner based in London.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.