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
