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.