Global Ship holders tender $350,000 10% notes in excess cash flow offer

By Susanna Moon

Chicago, May 21 – Global Ship Lease, Inc. said investors tendered $350,000 of its outstanding 10% first-priority secured notes due 2019.

The company will pay about $362,000 to purchase the notes, including accrued interest, according to a company press release.

The tender offer for up to $20 million of the notes began on April 21 and ended at 5 p.m. ET on May 20.

As previously announced, the purchase price was 102% of par plus accrued interest to but excluding the purchase date.

The excess cash flow offer was made under the notes indenture that requires the company to offer to purchase notes, subject to there being at least $1 million of excess cash flow, up to a maximum of $20 million, within 120 days after the end of each fiscal year.

The company had at least $20 million of excess cash flow in fiscal year 2014.

Global Ship Lease is a containership charter owner based in London and incorporated in the Marshall Islands.

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