Global Ship Lease Launches Secured Notes Offering
October 20 2017 - 3:01AM
Global Ship Lease, Inc. (NYSE:GSL) (the “Company” or “Global Ship
Lease”) announced today that it has launched an offering (the
“Offering”) of first priority secured notes due 2022 in an
aggregate principal amount of $360 million.
The Company intends to use the proceeds from the
Offering, together with borrowings under a new super senior secured
term loan facility, to refinance the Company’s existing first
priority secured notes due 2019 and repay all outstanding
borrowings under, and terminate, each of the Company’s existing
revolving credit facility and existing secured term loan.
This announcement has been prepared solely for
informational purposes. It is not an offer for sale or a
recommendation or solicitation to buy or sell any securities, nor
shall there be any offer, solicitation, or sale of any securities
in any jurisdiction in which such offer, solicitation, or sale
would be unlawful, nor is it an official confirmation of terms. Any
notes offered will not be registered under the U.S. Securities Act
of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION
TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
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 mainly long-term, fixed-rate
charters to top tier container liner companies.
Global Ship Lease owns 18 vessels with a total
capacity of 82,312 TEU and an average age, weighted by TEU
capacity, at August 31, 2017 of 12.7 years. All 18 vessels are
currently fixed on time charters, 15 of which are with CMA CGM. The
average remaining term of the charters at August 31, 2017 is 3.1
years or 3.4 years on a TEU weighted basis, taking into account the
two charter extensions announced on September 11, 2017 and the new
charter for the OOCL Tianjin announced on October 19, 2017.
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. Forward-looking statements are
subject to known and unknown risks and uncertainties and are based
on potentially inaccurate assumptions that could cause actual
results to differ materially from those expected or implied by the
forward-looking statements. 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 subsequent reports filed
from time to time with the U.S. Securities and Exchange
Commission. New risks can emerge from time to time, and it is
not possible for the Company to predict all such risks, nor can the
Company assess the impact of all such risks on its business or the
extent to which any risks, or combination of risks and other
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. 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 GroupBryan
Degnan646-673-9701orLeon Berman212-477-8438
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