Global Ship Lease Secures $65 Million Growth Facility for Fleet Expansion
September 10 2018 - 08:30AM
Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership
charter owner, announced today that the Company had entered into a
$65.0 million credit facility with funds associated with Hayfin
Capital Management and Breakwater Capital to fund the acquisition
of additional feeder containerships. The non-amortizing facility
may be drawn down during an 8-month period beginning September 7,
2018 and reaches maturity in July 2022.
Ian Webber, Chief Executive Officer of Global
Ship Lease, commented, “I am pleased to announce the establishment
of this growth credit facility, which significantly increases our
ability to grow at a time when feeder containerships remain at a
substantial discount to both long-term average values and newbuild
price parity. The fundamentals for mid-sized and smaller
containerships remain compelling, with a limited orderbook and
continued demand growth. With this enhanced growth capacity, Global
Ship Lease is in an excellent position to create shareholder value
amid these supportive dynamics.”
Andreas Povlsen, Chief Executive Officer of
Breakwater Capital, said: “As a ship finance platform with a
long-term approach, we seek to work with strong management teams
with a clear and sustainable growth strategy. In this context, we
are pleased to provide GSL with a tailored capital solution within
a specific sub-sector where we share a common view around
encouraging forward fundamentals.”
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.
As of July 1, 2018, Global Ship Lease owned 19 vessels with a
total capacity of 85,136 TEU and an average age, weighted by TEU
capacity, of 13.5 years. All 19 vessels are fixed on time charters,
17 of which are with CMA CGM. The average remaining term of the
charters at July 1, 2018 was 2.4 years or 2.7 years on a weighted
basis.
Safe Harbor Statement
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 subsequent 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 GroupBryan
Degnan646-673-9701orLeon Berman212-477-8438
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