GSL Cancels USD 400 Mn Notes Offering

Shipspotting UK-based containership charter owner Global Ship Lease (GSL) has decided to suspend the previously announced senior secured notes offering.  As informed, the company now intends to continue its ongoing efforts to identify attractive opportunities to proactively refinance its 10% Senior Secured Bonds due 2019. In late June, GSL launched the offering in an aggregate principal amount of USD 400 million. The company planned to use the net proceeds, amongst others, to redeem in full its outstanding 10,000% First Priority Secured Notes due 2019 to repay in full all borrowings under and terminate GSLs revolving credit facility. At March 31, 2017, GSL owned 18 vessels with a total capacity of 82,312 TEU and an average age of 12.3 years. All vessels are currently fixed on time charters, 15 with CMA CGM. Image Courtesy: Shipspotting