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.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >