GSL wins discount

New York-listed Global Ship Lease (GSL) is buying back its A-series preferred shares from CMA CGM at a discount.

The liquidation value of the issue, which matures between 2016 and 2019, is $45m.

The French charterer of 15 of GSL’s 17 vessels is accepting $36.4m instead.

GSL is using cash reserves and the proceeds from its $35m B-series issue of preferred shares, which should close on 20 August.

CEO Ian Webber said: “This transaction strengthens the company's balance sheet by bolstering the equity position by $35m without issuing common shares.

“We are actively looking at opportunities to draw upon our strong financial flexibility and grow the company in a manner that best serves our shareholders, which remains a top priority for us."