Global Ship Lease Announces Results of Annual Mandatory Offer to Purchase up to $20 Million of First Priority Secured Notes


Global Ship Lease announced the results of the cash tender offer to purchase up to $20.0 million aggregate principal amount of its outstanding 9.875% First Priority Secured Notes due 2022. The Annual Mandatory Offer expired at 5:00 p.m., New York City time, on December 6, 2019.

The table below sets forth the results of the Annual Mandatory Offer for the Notes, according to information provided by Global Bondholder Services Corporation, the Information Agent, as of the expiration of the Annual Mandatory Offer.


Prior to
Amount of
Tendered and
Offer Amount
9.875% First Priority Secured Notes due 2022 Y27183 AA3
37953T AB1
$ 340,000,000 $ 17,277,000 $ 20,000,000

Payment for the validly tendered and not validly withdrawn Notes will be made at a purchase price of 102% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the purchase date.  The Company expects the Purchase Date to be December 10, 2019.  The aggregate purchase price, inclusive of accrued and unpaid interest, payable on the Purchase Date for the validly tendered and not validly withdrawn Notes will be approximately $17.7 million.

Under the terms of the indenture governing the Notes, to the extent that the principal amount of Notes validly tendered and not properly withdrawn pursuant to the Annual Mandatory Offer is less than the Maximum Offer Amount by an amount that is equal to or greater than a de minimis amount of $500,000, the Company shall be required to pay indebtedness under its term loan facility, dated as of October 25, 2017, among the Company, the guarantors party thereto, the lenders party thereto and Citibank Europe plc, UK Branch to ensure that the aggregate principal amount of Notes repurchased and Term Loan Facility repaid shall be at least equal to $40.0 million (inclusive of an aggregate of $20 million in scheduled principal amortization payments on the Term Loan Facility) during 2019. Accordingly, the Company intends to repay an additional amount of approximately $2.7 million on the Term Loan Facility.



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