Anyone looking for a likely use of Global Ship Lease’s $51.7m in net proceeds from a follow-on equity sale may want to pay attention to a pricey $340m high-yield bond.
The instrument, which predates GSL’s merger last year with Poseidon Containerships, carries interest at 9.75%, making it the costliest debt on the owner’s balance sheet.
GSL chief executive Ian Webber acknowledged in an interview with TradeWinds that investors in the $55m gross capital raise had been told about the bond as a potential target.
