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.
The Shearman & Sterling team of lawyers in the firm’s London, New York and Washington, DC offices was led by Capital Markets partner Apostolos Gkoutzinis and included counsel Paul Clews and associates Randy Nahlé and Gordon Houseman; Finance partner Iain Goalen, counsel Gabrielle Wong, associates Chris White, Shane Burke, Monsiree Jirasarunya, Camilla Hunter and Igor Stermsek and trainee solicitors Michèle Smith, Inyoung Song and Peter Gallagher; Tax partners Kristen Garry and Iain Scoon, counsel Simon Letherman and associate Melissa Henkel; and counsel Mehran Massih, who advised on Environmental aspects. Capital Markets partner Jason Lehner and associates Kara Major and Stella Yeung also provided assistance on this transaction.
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.