By Paul A. Harris
Portland, Ore., Oct. 23 – Global Ship Lease Inc. launched and priced a $360 million issue of 9 7/8% five-year first priority secured notes (B3/B) at 99 to yield 10.128% on Monday, according to an informed source.
The yield printed slightly wide of yield talk in the 10% area. The reoffer price came on top of price talk.
Citigroup Global Markets Inc. was the left bookrunner. Clarksons Platou Securities was the joint bookrunner.
The London-based containership charter company plans to use the proceeds to refinance its April 2019 senior secured notes.
| Issuer: | Global Ship Lease Inc.
|
| Amount: | $360 million
|
| Maturity: | Nov. 15, 2022
|
| Securities: | First priority secured notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunner: | Clarksons Platou Securities
|
| Coupon: | 9 7/8%
|
| Price: | 99
|
| Yield: | 10.128%
|
| First call: | Make-whole call at Treasuries plus 50 bps until Nov. 15, 2019, then callable at 104.938
|
| Trade date: | Oct. 23
|
| Settlement date: | Oct. 31
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 10% area at OID 99
|
| Marketing: | Roadshow
|
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