Global Ship Lease Announces Full Redemption of 8.00% Senior Bonds Due 2024


LONDON, June 17, 2022 (GLOBE NEWSWIRE) — Global Ship Lease, Inc. (NYSE: GSL) (the “Company”) today announced that it has delivered notice of redemption (the “Full Redemption”) to registered holders of its 8.00% senior notes due 2024 (the “2024 Notes”) in the aggregate principal amount of $89,020,500 of 2024 Notes, representing the entire outstanding balance of the 2024 Notes (the “Redeemed Notes”) “). In accordance with the terms of the deed governing the 2024 Bonds, the Company has chosen to make the Full Redemption before the maturity date, and the redemption price of the Redeemed Bonds will be equal to 102% of their principal amount (the ” redemption price”) plus accrued and unpaid interest up to the redemption date of July 18, 2022 (the “Redemption Date”). Interest on the redeemed Notes will cease to accrue from the redemption date. All redeemed Notes must be returned to the Trustee to collect the redemption price plus accrued interest.

At the end of the Full Redemption, there will be no more 2024 Bonds outstanding and the 2024 Bonds will cease trading on the New York Stock Exchange.

About Global Ship Lease

Global Ship Lease is a leading independent container ship owner with a diverse fleet of medium and smaller container ships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with the business of owning and chartering container ships on fixed rate charters to leading container shipping companies. It was listed on the New York Stock Exchange in August 2008.

As of May 17, 2022, Global Ship Lease owned 65 container ships, ranging from 1,118 to 11,040 TEUs, with a total capacity of 342,348 TEUs. 32 ships are Post-Panamax widebeam.

Adjusted to include all charters agreed and vessels under contract to be purchased, through May 17, 2022, the company’s average remaining charter term as of March 31, 2022, through the midpoint of new delivery, including options under the control of the company and unless notice of redelivery has been received, was 2.5 years on a TEU weighted basis. Contract revenue on the same basis was $1.76 billion. Contract revenue was $2.00 billion, including options under charterer control and with last delivery date, representing a weighted average remaining term of 3.1 years.

Safe Harbor Statement

This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “in progress”, “plan” , “potential”, “predict”, “project”, “will” or similar words or expressions, or the negatives of such words or expressions, may identify forward-looking statements, but the absence of such words does not necessarily mean that statement is not forward-looking. These forward-looking statements are based on assumptions which may be incorrect, and the Company cannot assure you that the events or expectations included in these forward-looking statements will occur. Actual results could differ materially from those expressed or implied by the forward-looking statements due to a variety of factors, including the factors described in the “Risk Factors” section of the Company’s Annual Report on Form 20-F and the factors and risks described by the company. in subsequent reports filed from time to time with the United States Securities and Exchange Commission. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unforeseen events.

Investor and media contact:

The IGB group
Bryan Degnan
Leon Berman

Global Ship Lease Inc.


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