New York-listed Global Ship Lease (GSL) has raised $414.8m to pay off earlier debt.
The boxship owner said it had closed an offering to sell secured notes worth $360m carrying interest of 9.875%. These are due in 2022.
The cash, plus borrowings under a new $54.8m loan facility, will refinance its existing 10% $420m bond issue due in 2019.
"In addition, all outstanding borrowings under each of the company's existing revolving credit facility and existing secured term loan have been repaid and terminated," it said.
