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Global Ship Lease secures 5-year US$268 million credit facility to refinance debts

GLOBAL Ship Lease Inc has arranged a new syndicated US$268 million senior secured credit facility comprised of two tranches from lenders Credit Agricole Corporate and Investment Bank, ABN AMRO Bank NV, CIT Bank NA, Hellenic Bank Public Company and Siemens Financial Services Inc

Global Ship Lease secures 5-year US$268 million credit facility to refinance debts

GLOBAL Ship Lease Inc has arranged a new syndicated US$268 million senior secured credit facility comprised of two tranches from lenders Credit Agricole Corporate and Investment Bank, ABN AMRO Bank NV, CIT Bank NA, Hellenic Bank Public Company and Siemens Financial Services Inc

29 September 2019 - 19:00

GLOBAL Ship Lease Inc has arranged a new syndicated US$268 million senior secured credit facility comprised of two tranches from lenders Credit Agricole Corporate and Investment Bank, ABN AMRO Bank NV, CIT Bank NA, Hellenic Bank Public Company and Siemens Financial Services Inc.

The company expects to draw down the first tranche of the new senior loan worth $230 million soon and will use the proceeds to refinance five existing senior credit facilities with maturities in December 2020 and April 2021, in order to lower its cost of debt, extend maturities and simplify its debt structure, reported Steel Guru, of Haryana, India.



As a result of the first tranche refinancing, three 2000-built 6,000 TEU ships will become unencumbered. The second tranche of up to $38 million, or 65 per cent of the market value of the vessel to be financed, is available until May 2020 to facilitate further refinancing. The final maturity date of the new senior loan is expected to be September 2024, five years after drawdown.



Borrowings under the new senior loan will bear interest at LIBOR plus a margin of three per cent.



Furthermore, the company has refinanced all of the existing indebtedness under its junior facility for $38.5 million, with the only change being to extend its maturity from September 2023 to September 2024.


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