GSL prices offering

UK Containership lessor Global Ship Lease plans to raise $35m by issuing new Depositary Shares. It says the proceeds will be used to buy back outstanding preferred shares.

GSL will offer 1,400,000 Depositary Shares, each of which represents 1/100 of one share of the Company's 8.75% Series B Cumulative Perpetual Preferred Shares. The new shares are priced at $25 each.

Morgan Stanley is acting as sole book-running manager of the offering, which is expected to close on or about 20 August. Ladenburg Thalmann & Co and National Securities Corporation are acting as co-managers.

An application has been made to list the Depositary Shares on the New York Stock Exchange under the symbol "GSLPrB."

GSL says it intends to use a portion of the net proceeds repurchase all outstanding Series A Preferred Shares at a discount to their liquidation value and to pay related expenses. Any remaining net proceeds will be used for general corporate purposes.

GSL operates a fleet of 17 containerships, all but two of which are on charter to CMA-CGM.