Global Ship Lease Inc Stock Price, News & Analysis

Global Ship Lease (NYSE: GSL) announced an underwritten public offering of its Class A common shares, aiming to fund fleet expansion and working capital. The offering may include an additional 15% of shares at the underwriters' discretion. Jefferies LLC and B. Riley Securities, Inc. are managing the offering. This follows a shelf registration statement with the SEC. With a fleet of 43 containerships, the company reports contracted revenue of $710 million, with an average remaining charter term of 2.4 years.

Global Ship Lease (NYSE: GSL) has completed the redemption of $233.4 million of its 9.875% First Priority Secured Notes due 2022, at a price of 102.469% plus accrued interest, using funds from a $236.2 million senior secured loan with Hayfin Capital Management and cash reserves. Following this, the company issued approximately 12.96 million Class A common shares to Kelso upon the conversion of its Series C Preferred Shares. The outstanding Class A common shares total 30.7 million post-transaction.

Global Ship Lease (NYSE:GSL) has received a Corporate Family Rating upgrade to B2 / Positive from Moody’s, attributed to its recent refinancing, resilient performance, and improved leverage profile. The refinancing of senior secured notes due 2022 into a new secured loan facility due 2026 has positively impacted the company’s debt maturity profile. Additionally, Moody’s expects Global Ship Lease to maintain a stronger debt/EBITDA ratio. With an incremental net cash flow from refinancing, the company aims to enhance credit and pursue growth opportunities.

Global Ship Lease has announced a quarterly cash dividend of $0.12 per Class A Common Share, effective from the first quarter of 2021. The decision follows successful refinancing of its 2022 Notes, enhancing the company's cash flow and financial stability. Executive Chairman George Youroukos noted confidence in the containership leasing market driven by strong demand and a low order book. The dividend's declaration is subject to the Board's discretion based on various financial factors.

Global Ship Lease (NYSE: GSL) announced an optional full redemption of its $233.4 million 9.875% First Priority Secured Notes due 2022 at a redemption price of 102.469%. The redemption is set for January 20, 2021, funded by a $236.2 million Hayfin Capital loan and cash reserves. Following redemption, all Notes will be canceled. Additionally, the company will issue approximately 12.96 million Class A common shares to Kelso upon full repayment of the Notes, with no changes to dividend rights.

Global Ship Lease, Inc. (GSL) announced refinancing of its 9.875% Senior Secured Notes due 2022 through a new $236.2 million senior secured loan facility with Hayfin Capital Management. This move is expected to reduce annual debt service by up to $15 million and extend maturity to January 2026. The new facility has a lower interest rate of LIBOR + 7.00% and reduces annual amortization from $35 million to $26 million. This refinancing reflects GSL's strengthened financial position and aims to enhance shareholder value.

Global Ship Lease (NYSE: GSL) announced an upgrade of its senior secured notes rating by S&P Global Ratings from B+ to BB-. This improvement is attributed to enhanced market conditions, rising charter rates, and significant demand recovery for container liners. The company's proactive engagement with customers has positioned it favorably in the container shipping sector. Global Ship Lease continues to achieve debt reduction, completing a $28 million redemption of its senior secured notes, leaving about $233 million outstanding, thereby reflecting a stronger credit profile.

Global Ship Lease, Inc. (NYSE:GSL) announced a cash dividend of $0.546875 per depositary share, representing a 1/100^th interest in its 8.75% Series B Preferred Shares. This dividend is for the period from October 1, 2020 to December 31, 2020 and will be paid on January 4, 2021, to shareholders on record as of December 23, 2020. The company, an independent owner of containerships, operates a diverse fleet of 43 vessels with a total capacity of 245,280 TEU.

Global Ship Lease (NYSE: GSL) announced a mandatory partial redemption of its 9.875% First Priority Secured Notes due 2022, amounting to $28 million at 102% of the principal, plus accrued interest. The redemption is set for December 7, 2020, as mandated by the note's indenture. After this action, approximately $233.4 million of the Notes will remain outstanding. The company operates a fleet of 43 containerships, with a total capacity of 245,280 TEU and an average ship age of 13.4 years.