Global Ship Lease Announces Full Redemption of its 8.00% Senior Notes Due 2024
June 17 2022 - 4:48PM
Global Ship Lease, Inc. (NYSE: GSL) (the “Company”) today
announced that it has delivered a notice of redemption (the “Full
Redemption”) to the registered holders of its 8.00% Senior Notes
due 2024 (the “2024 Notes”) of $89,020,500 aggregate principal
amount of 2024 Notes, representing the entire outstanding balance
of 2024 Notes (the “Redeemed Notes”). Pursuant to the terms of the
indenture governing the 2024 Notes, the Company has elected to
effect the Full Redemption in advance of the maturity date, and the
redemption price for the Redeemed Notes will be equal to 102% of
the principal amount thereof (the “Redemption Price”) plus accrued
and unpaid interest to, but not including, the redemption date
of July 18, 2022 (the “Redemption Date”). Interest on the
Redeemed Notes will cease to accrue on and after the Redemption
Date. All Redeemed Notes must be surrendered to the trustee to
collect the Redemption Price plus accrued interest.
Upon completion of the Full Redemption, there will be no 2024
Notes outstanding and the 2024 Notes will cease trading on the New
York Stock Exchange.
About Global Ship Lease
Global Ship Lease is a leading independent owner of
containerships with a diversified fleet of mid-sized and smaller
containerships. Incorporated in the Marshall Islands, Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under fixed-rate charters
to top tier container liner companies. It was listed on the New
York Stock Exchange in August 2008.
As at May 17, 2022, Global Ship Lease owned 65 containerships,
ranging from 1,118 to 11,040 TEU, with an aggregate capacity of
342,348 TEU. 32 ships are wide-beam Post-Panamax.
Adjusted to include all charters agreed, and ships contracted to
be purchased, up to May 17, 2022, the average remaining term of the
Company’s charters as at March 31, 2022, to the mid-point of
redelivery, including options under the Company’s control and other
than if a redelivery notice has been received, was 2.5 years on a
TEU-weighted basis. Contracted revenue on the same basis was $1.76
billion. Contracted revenue was $2.00 billion, including options
under charterers’ control and with latest redelivery date,
representing a weighted average remaining term of 3.1 years.
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
Global Ship Lease Inc.
Global Ship Lease (NYSE:GSL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Global Ship Lease (NYSE:GSL)
Historical Stock Chart
From Jul 2023 to Jul 2024