Sabra Capital Partners, LLC holds a sizeable position in Global Ship Lease (NYSE:GSL) and believes the shares will appreciate substantially during 2014. The company's decision in mid-March to proceed with an expensive refinancing of its bank debt has been poorly received by investors presenting a buying opportunity. Despite optimism on the part of investors, ourselves included, that the refinancing would enable the company to free itself from the banks' restrictive covenants and begin paying a robust dividend while growing the business through acquisitions, the completed deal failed to deliver. Instead, the company settled on a new financing package that allows the company to grow aggressively through acquisitions but limits the amount the company will be able to immediately...
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