Global Ship Lease withdraws $400 million secured notes offering, cites market conditions

By Paul A. Harris

Portland, Ore., Dec. 19 - Global Ship Lease Inc. cited market conditions as it withdrew its $400 million offering of seven-year first-priority secured notes on Thursday, according to a press release from the company.

The deal, in the market via Citigroup Global Markets Inc., had been delayed and had undergone covenant changes.

Final price talk was in the 9½% area.

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

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