Global Ship Lease Announces Partial Redemption of 8.00% Senior Notes Due 2024

London, Mar 07, 2022

Global Ship Lease, Inc. (NYSE: GSL) (the “Company”) today announced that it has delivered notice of partial redemption of its 8.00% Senior Notes due 2024 (the “Notes”) to Wilmington Savings Fund Society, as trustee, registrar, and paying agent (the “Trustee”). The Company has elected to effect a redemption (the “Redemption”) of $28,500,000 aggregate principal amount of the Notes (the “Redeemed Notes”) at a redemption price equal to 102.00% of the principal amount thereof (the “Redemption Price”) plus accrued and unpaid interest to, but not including, the redemption date of April 5, 2022 (the “Redemption Date”).

The Redeemed Notes will be selected by the Trustee in accordance with 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. Interest on the Redeemed Notes will cease to accrue on and after the Redemption Date. All Redeemed Notes must be surrendered to the Trustee to collect the Redemption Price plus accrued interest.

A Notice of Partial Redemption has been sent on March 4, 2022 to the registered holders of the Notes, pursuant to the requirements of the indenture governing the Notes. Upon completion of the Redemption, approximately $89,020,500 aggregate principal amount of the Notes will remain outstanding.

About Global Ship Lease
Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008.

As at March 1, 2022, Global Ship Lease owned 65 containerships, ranging from 1,118 to 11,040 TEU, with an aggregate capacity of 342,348 TEU. 32 ships are wide-beam Post-Panamax.

Adjusted to include all charters agreed, and ships contracted to be purchased, up to March 1, 2022, the average remaining term of the Company’s charters as at December 31, 2021, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.6 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.79 billion. Contracted revenue was $2.04 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.3 years.

Global Ship Lease press release