Global Ship Lease announces partial redemption of senior notes

• Global Ship Lease (NYSE:GSL) is +2.19% pre-market after announcing partial redemption of its 8.00% Senior Notes due 2024.
• In total, $28.5M aggregate principal amount of the notes will be redeemed at a price equal to 102.00% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date of Apr. 05, 2022.
• The Redeemed Notes will be selected by Wilmington Savings Fund Society, the Trustee, as per the applicable rules and procedures of The Depository Trust Company.
• Notes and portions of notes selected for redemption will be in principal amounts of $25.00 or integral multiples of $25.00 in excess of thereof.
• Upon completion of the redemption, ~$89.02M of the notes will remain outstanding.

Comments

[NV_GARY]

1.1 million shares at IPO, and about $88 million remain (about 3,560,00shs)??

[tjhoppe]

$25.50 + accrued interest......nice

[Titus Vespasian]

Good to see them taking down high cost debt. Hopefully they take down the rest of the issue by the end of the year.

[Mr. Due Diligence]

GSL Management is really setting the pace in terms of "how many good decisions can you make in the least amount of time"

Holy cow.

[FoxRiverInvestments]

@Mr. Due Diligence J Mintzmyer brought up this issue in the conference call, and here they are pulling the trigger. Makes me wonder if the preferred is next…

[Mr. Due Diligence]

@FoxRiverInvestments yeah! I listened to the call - great to see the responsiviness to market from management.

[jackmergen]

@Mr. Due Diligence what % are being called?? maybe I missed it.....