By Mary-Katherine Stinson
Lexington, Ky., June 2 – Global Ship Lease, Inc.’s wholly owned subsidiary Knausen Holding LLC priced $350 million of 5.69% senior secured notes due 2027 in a private placement to a limited number of investors on June 1, according to a press release.
The interest rate is based on the 3.2-year Interpolated US Treasury Yield plus a spread of 285 basis points.
Goldman Sachs & Co. LLC acted as sole structuring agent and lead placement agent.
Proceeds will be used to repay the company’s $236.2 million senior secured loan facility bearing interest at Libor plus 700 bps and for general corporate purposes, including the repayment of other debt.
The notes will be secured by first priority mortgages on 20 vessels owned by subsidiaries of the issuer and some other assets.
The notes are expected to be issued June 15.
Global Ship Lease is a containership charter owner based in London.
| Issuer: | Knausen Holding LLC
|
| Guarantor: | Global Ship Lease
|
| Amount: | $350 million
|
| Issue: | Senior secured notes
|
| Maturity: | 2027
|
| Agent: | Goldman Sachs & Co. LLC
|
| Coupon: | 5.69%
|
| Spread: | 285 bps
|
| Pricing date: | June 2
|
| Settlement date: | June 15
|
| Distribution: | Private placement
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
