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By Preferred Stock Channel Staff, updated Sunday, January 19, 7:32 AM

Slide #284. Global Ship Lease, Inc. Preferred Stock Offering

Company: Global Ship Lease, Inc. (NYSE:GSL)
Date announced: 8/13/2014
Security type: 8.75% Series B Cumulative Perpetual Preferred Shares (NYSE:GSL.PRB)
Shares Offered: 1,400,000
Date of Pricing: 8/13/2014
Price Per Share: $25
Preferred Stock Offering Details: Global Ship Lease, Inc. (NYSE:GSL) (the "Company") announced today that the offering of 1,400,000 Depositary Shares (the "Depositary Shares"), each of which represents 1/100th of one share of the Company's 8.75% Series B Cumulative Perpetual Preferred Shares ("Series B Preferred Shares"), par value $0.01 per share, with a liquidation preference of $2,500.00 per share (equivalent to $25.00 per Depositary Share), priced at $25.00 per Depositary Share. The aggregate liquidation preference is $35.0 million. The Company has also granted the underwriters a 30-day option to purchase up to an additional 210,000 Depositary Shares. Dividends will be payable on the Series B Preferred Shares at a rate of 8.75% per annum of the stated liquidation preference. The offering is expected to close on or about August 20, 2014 and is subject to customary closing conditions.

Global Ship Lease is engaged in acquiring a fleet of modern containerships of diverse sizes. Co. owns a fleet of modern containerships of diverse sizes and charters the vessels out under long-term, fixed-rate charters. As of Dec. 31, 2016, Co.'s fleet consisted of 18 containerships, including three newly built vessels, with an aggregate capacity of 82,312 TEU and a weighted average age of approximately 12.0 years and a non-weighted average age of 12.3 years.

Preferred: GSL.PRB

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Name:  Global Ship Lease, Inc.
Sector:  Shipping

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