Global Ship Lease wraps excess cash flow offer for 10% notes due 2019

By Susanna Moon

Chicago, April 20 – Global Ship Lease, Inc. said it accepted for purchase tenders of $19,501,000 of its outstanding 10% first priority secured notes due 2019.

Global Ship will purchase the tendered notes using a proration factor of 6.15%, according to a company update on Thursday.

The aggregate purchase price will be about $19,999,359, including accrued interest.

The company was offering to purchase up to $20 million of the notes at a price of 102 plus accrued interest to but excluding the purchase date of April 21.

The tender offer ran from March 22 until 5 p.m. ET on April 19 and consisted of an excess cash flow offer and a collateral sale offer.

The notes indenture requires the company to make an excess cash flow offer to purchase up to $20 million of the notes within 120 days of the end of each fiscal year in which the company has at least $1 million of excess cash flow.

Global Ship Lease is a containership charter owner based in London.

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