Simpson Thacher recently represented Global Ship Lease, Inc. (“GSL”) in connection with a Rule 144A/Regulation S offering of $360 million aggregate principal amount of 9.875% First Priority Secured Notes due 2022. GSL used the proceeds from the offering, together with borrowings under its new term loan facility, to refinance its existing 10% first priority secured notes due 2019 and repay all outstanding borrowings under each of its existing revolving credit facilities and existing secured term loan. The offering closed on October 31, 2017.
GSL, a Marshall Islands corporation, is a containership lessor with a fleet of high-quality containerships, which it charters out under fixed-rate and primarily long-term charters.
The Simpson Thacher team for the transaction included Lesley Peng, John O’Connell, Benjamin Heriaud, Niyati Roy and Andrew Willinger (Capital Markets); Andrew Purcell and Joseph Tootle (Tax); Andrew Blau and Joo Hyun Lee (Executive Compensation); Mike Isby (Environmental); and Janet Nadile and Jonathan Pall (Collateral).