Global Ship Lease Raises $350M Via Debt Offering

Global Ship Lease Inc GSL subsidiary, Knausen Holding LLC, priced an offering of $350 million of its 5.69% Senior Secured Notes due 2027 in a private placement to a limited number of accredited investors.
The interest rate on the Notes was determined based on the 3.2 year Interpolated U.S. Treasury Yield (ICUR3.2) plus a spread of 2.85%.
The company plans to use the offering proceeds to repay the remaining outstanding balance on its $236.2 million Senior Secured Loan Facility and the remainder for general corporate purposes, including debt repayment.
The notes offering will close on June 15, 2022.
Price Action: GSL shares are trading higher by 4.46% at $23.21 on the last check Thursday.