Global Ship Lease redeems 9 7/8% secured notes due 2022 at 102.469

By Taylor Fox

New York, Jan. 21 – Global Ship Lease, Inc. closed the full redemption of its outstanding $233,436,000 9 7/8% first priority secured notes due 2022 at a price of 102.469 on Jan. 20, according to a news release.

Global Ship also paid interest on the notes.

As previously reported, the notes were redeemed using funds from the drawdown on a new $236.2 million loan facility with Hayfin Capital Management, LLP and cash on hand.

Upon the closing of the redemption, Global Ship issued 12,955,188 class A common shares to KEP VI (Newco Marine) Ltd. and KIA VIII (Newco Marine) Ltd., both affiliates of Kelso & Co., a U.S. private equity firm, upon Kelso’s conversion of its 250,000 series C preferred shares.

Following the conversion of the series C preferred shares, Global Ship has 30,696,196 class A common shares outstanding.

Global Ship Lease is a containership owner based in London.

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