By James McCandless
San Antonio, Nov. 14 – Global Ship Lease, Inc. priced a $27.5 million offering of $25-par senior notes due Dec. 31, 2024 at par with a coupon of 8%, according to an FWP filing with the Securities and Exchange Commission.
There is a $4,125,000 greenshoe.
The deal was announced on Wednesday.
B. Riley FBR, Inc., Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and William Blair & Co., LLC are the joint bookrunners.
Dividends are payable quarterly on the last day of February, May, August and November, commencing Feb. 29, 2020.
The notes are redeemable on or after Dec. 31, 2021 and prior to Dec. 31, 2022 at 102%, on or after Dec. 31, 2022 and prior to Dec. 31, 2023 at 101% and on or after Dec. 31, 2023 at par. The notes are also redeemable prior to Dec. 31, 2021 after a change-of-control event at 104%.
Global Ship Lease plans to use the proceeds to repay a portion of its 9.875% first priority secured notes due 2022.
The company plans to list the notes on the New York Stock Exchange under the symbol “GSLD.”
Global Ship Lease is a London-based container ship leasing company.
| Issuer: | Global Ship Lease, Inc.
|
| Description: | Senior notes
|
| Amount: | $27.5 million
|
| Greenshoe: | $4,125,000
|
| Maturity: | Dec. 31, 2024
|
| Bookrunners: | B. Riley FBR, Inc., Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and William Blair & Co., LLC
|
| Co-managers: | Incapital LLC, Boenning & Scattergood, Inc., National Securities Corp., Wedbush Securities Inc., Clarksons Platou Securities AS and Fearnley Securities
|
| Coupon: | 8%
|
| Price: | Par of $25.00
|
| Yield: | 8%
|
| Call: | On or after Dec. 31, 2021 and prior to Dec. 31, 2022 at 102%, on or after Dec. 31, 2022 and prior to Dec. 31, 2023 at 101% and on or after Dec. 31, 2023 at par; also redeemable prior to Dec. 31, 2021 after a change-of-control event at 104%
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 19
|
| Distribution: | SEC registered
|
| Listing: | NYSE: GSLD
|
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