Global Ship talks $400 million seven-year notes to yield 9½% area

By Paul A. Harris

Portland, Ore., Dec. 17 - Global Ship Lease Inc. talked its $400 million offering of seven-year first-priority secured notes (expected B3/confirmed B) to yield in the 9½% area, an informed source said on Tuesday.

Books close at 10 a.m. ET Wednesday, except for accounts in California. The deal is set to price late Wednesday afternoon.

Citigroup Global Markets Inc. is the bookrunner for the Rule 144A and Regulation S offer.

The notes become callable after three years at par plus 50% of the coupon.

The London-based containership charter owner plans to use the proceeds to refinance debt and to terminate existing interest rate swaps.

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