GSL Targets Up to USD 400 Mn in Notes Offering

Image Courtesy: CMA CGM

Marshall Islands-incorporated containership charter owner Global Ship Lease (GSL) is gearing up to launch its proposed notes offering aimed at collecting between USD 350 and USD 400 million.

The company said it has mandated advisors to arrange a series of investor meetings relating to the non-registered 5-year notes offering.

GSL intends to use the proceeds from the offering, together with borrowings under a new super senior secured term loan facility, to refinance its existing first priority secured notes due 2019 and repay all outstanding borrowings and terminate its revolving credit facility and secured term loan.

In a separate announcement the charter owner said that it has received updated broker valuations of its 18 vessels that reflect aggregate appraised values as at September 19, 2017 of USD 262.5 million (excluding charters) and USD 481.0 million (including charters).

“The valuations give effect to the company’s previously announced extension of two of its charters with CMA CGM and take into account the re-delivery of the OOCL Tianjin, which is expected to take place on October 28, 2017, following notice received from the charterer,” GSL explained.

Furthermore, GSL added that it was looking into re-deployment alternatives for the vessel.

Global Ship Lease owns 18 vessels with a total capacity of 82,312 TEU and an average age of 12.7 years.

As disclosed, all 18 vessels are currently fixed on time charters, 15 of which are with French liner major CMA CGM. The average remaining term of the charters at August 31, 2017 is 3.0 years or 3.3 years on a TEU weighted basis.

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