Global Ship Lease buys back its secured notes

Global Ship Lease buys back its secured notes

Athens: London-listed Global Ship Lease has purchased $350,000 of its outstanding 10% first priority secured notes in an excess cash flow offer concluded on May 20.

GSL will pay a purchase price of 102% of the notes plus accrued and unpaid interest up to, but not including, the purchase date, which is expected to be May 22. This will make the total purchase price approximately $362,000.

Initially, the company had considered purchasing up to $20m worth of the notes, which are due to mature in 2019.

There is still a $420m aggregate principal amount of notes outstanding.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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