Shearman And Sterling

News March 20, 2014

Shearman & Sterling Advises the Initial Purchasers on Global Ship Lease, Inc.’s $420 Million Inaugural High Yield Bond Offering and Revolving Credit Facility

Shearman & Sterling advised Citigroup Global Markets Inc., BNP Paribas Securities Corp., Evercore Group LLC, Global Hunter Securities, LLC and Pareto Securities AS, as initial purchasers, in the inaugural High Yield notes offering by Global Ship Lease, Inc. (“Global Ship Lease”) $420 million 10.000% First Priority Secured Notes due 2019. The notes are guaranteed on a senior basis by Global Ship Lease Services Limited and each of Global Ship Lease's 17 vessel-owning subsidiaries. Global Ship Lease intends to use the net proceeds of the offering, primarily to repay existing indebtedness, to terminate its existing interest rate swap agreements and for general corporate purposes.

The firm also advised Citibank International plc in connection with Global Ship Lease’s revolving credit facility.

Global Ship Lease is a New York Stock Exchange listed company and a containership lessor with a fleet of 17 containerships, ranging in size from 2,207 TEU to 11,040 TEU. At the time of the offering, all of Global Ship Lease’s vessels were on time charter to CMA CGM, a leading provider of global container shipping services and the third largest container shipping company in the world, as measured by fleet capacity.

The Team