Welcome to our dedicated page for Global Ship Lease news (Ticker: GSL), a resource for investors and traders seeking the latest updates and insights on Global Ship Lease stock.
Global Ship Lease Inc (NYSE: GSL) provides essential maritime transportation solutions through its containership leasing operations. This news hub offers investors and industry observers direct access to official corporate communications and market developments.
Key updates include quarterly earnings disclosures, vessel acquisition announcements, and charter contract renewals. Our curated collection enables stakeholders to track operational milestones, financial performance, and strategic initiatives within the container shipping sector.
Regular updates feature critical business developments such as fleet expansion projects, financing arrangements, and sustainability initiatives. The chronological presentation allows efficient tracking of GSL's progress in maintaining its position as a leading containership lessor.
Bookmark this page for streamlined access to verified information about Global Ship Lease's market activities. Check back regularly to monitor how the company navigates shipping industry dynamics through its disciplined asset management approach.
Global Ship Lease announced the acquisition of seven 6,000 TEU Post-Panamax containerships for $116 million, set to enhance its fleet and revenue. These vessels will be chartered for 3-5 years, generating an estimated Adjusted EBITDA of approximately $95 million over the charter period. This could increase annual Adjusted EBITDA by 18% and net income by 40% compared to last year's figures. The company plans to finance the purchase with $40 million in cash and the remainder via bank debt, further emphasizing its strategy for accretive growth.
Global Ship Lease (NYSE: GSL) has successfully completed its public offering of 5,400,000 Class A common shares at a price of $13.00 per share, raising approximately $70.2 million before expenses. The proceeds will be used for fleet expansion, general corporate purposes, and working capital. The underwriters also have a 30-day option to purchase an additional 810,000 shares. Following the offering, there are 36,096,196 Class A common shares outstanding.
On January 22, 2021, Global Ship Lease (GSL) announced a public offering of 5,400,000 shares of its Class A common stock at $13.00 per share, aiming for gross proceeds of approximately $70.2 million, possibly increasing to $80.7 million if underwriters exercise their option for additional shares. The net proceeds will support fleet expansion, general corporate purposes, and working capital. The offering is set to close on January 26, 2021.
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.
