Global Ship Lease Launches Secured Notes Offering
June 28 2017 - 3:00AM
Global Ship Lease, Inc. (NYSE:GSL) (the “Company”) announced today
that it has launched an offering of senior secured notes (the
“Offering”) in an aggregate principal amount of $400 million (the
“Notes”). Interest will be payable quarterly. The interest rate,
offering price and other terms will be determined at the time of
pricing of the Offering, subject to market conditions. The Company
intends to use the net proceeds of the Offering to redeem in full
the Company’s outstanding 10.000% First Priority Secured Notes due
2019 (the “2019 Notes”), to repay in full all borrowings under and
terminate the Company’s revolving credit facility, and to pay
costs, fees and expenses related to the Offering. This press
release does not constitute a notice of redemption for the 2019
Notes, which would, subject to the pricing and closing of the
Offering, be issued in accordance with the terms of the indenture
governing the 2019 Notes.
The Notes have not been registered under the Securities Act of
1933, as amended (the “Securities Act”). The Notes may not be
offered or sold within the United States or to U.S. persons, except
to “qualified institutional buyers” in reliance on the exemption
from registration provided by Rule 144A and to certain persons in
offshore transactions in reliance on Regulation S. You are hereby
notified that sellers of the Notes may be relying on the exemption
from the provisions of Section 5 of the Securities Act provided by
Rule 144A. This announcement does not constitute an offer to sell
or the solicitation of an offer to buy Notes in any jurisdiction in
which such an offer or sale would be unlawful.
About Global Ship Lease
Global Ship Lease is a containership charter owner. Incorporated
in the Marshall Islands, Global Ship Lease commenced operations in
December 2007 with a business of owning and chartering out
containerships under long-term, fixed rate charters to top tier
container liner companies.
At March 31, 2017, Global Ship Lease owned 18
vessels with a total capacity of 82,312 TEU and an average age,
weighted by TEU capacity, of 12.3 years. All vessels are currently
fixed on time charters, 15 with CMA CGM. The average remaining term
of the charters is 3.4 years or 3.7 years on a weighted basis.
Forward-Looking Statements
This press release contains forward-looking
statements. Forward-looking statements provide the Company’s
current expectations or forecasts of future events. Forward-looking
statements include statements about the Company’s expectations,
beliefs, plans, objectives, intentions, assumptions and other
statements that are not historical facts. Words or phrases such as
“anticipate,” “believe,” “continue,” “estimate,” “expect,”
“intend,” “may,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “will” or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. These forward-looking statements
are based on assumptions that may be incorrect, and the Company
cannot assure you that the events or expectations included in these
forward-looking statements will come to pass. Actual results could
differ materially from those expressed or implied by the
forward-looking statements as a result of various factors,
including the factors described in “Risk Factors” in the Company’s
Annual Report on Form 20-F and the factors and risks the Company
describes in other reports filed from time to time with the U.S.
Securities and Exchange Commission. Accordingly, you should
not unduly rely on these forward-looking statements, which speak
only as of the date of this press release. The Company undertakes
no obligation to publicly revise any forward-looking statement to
reflect circumstances or events after the date of this press
release or to reflect the occurrence of unanticipated events.
Investor and Media Contact:
The IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438
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