GlobeNewswire Inc | Nov 27, 2020 08:30AM EST

November 27, 2020

LONDON, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE: GSL) (the Company) today announced that it has sent notice of mandatory partial redemption of its 9.875% First Priority Secured Notes due 2022 (the Notes) to holders of the Notes. The Company is mandatorily redeeming (the Mandatory Partial Redemption) of $28,000,000 aggregate principal amount of the Notes (the Redeemed Notes) at a redemption price equal to 102.00% of the principal amount thereof (the Redemption Price) plus accrued and unpaid interest to, but not including, the redemption date of December 7, 2020 (the Redemption Date). The Mandatory Partial Redemption is being made pursuant to requirements set forth in the indenture governing the Notes that requires the Company to redeem Notes.

The Redeemed Notes will be selected by Citibank, N.A., London Branch, as trustee, paying agent (in such capacity, the Paying Agent) and registrar (in such capacity, the Registrar) in accordance with the applicable rules and procedures of The Depository Trust Company. Notes and portions of Notes selected for redemption will be in principal amounts of $200,000 or integral multiples of $1,000 in excess of $200,000. Interest on the Redeemed Notes will cease to accrue on and after the Redemption Date. All Redeemed Notes must be surrendered to the Paying Agent to collect the Redemption Price plus accrued interest.

A Notice of Mandatory Partial Redemption has been, or will be, sent to the registered holders of the Notes on or about November 26, 2020, pursuant to the requirements of the indenture governing the Notes. Upon completion of the Mandatory Partial Redemption, approximately $233,436,000 aggregate principal amount of the Notes will remain outstanding.

About Global Ship Lease

Global Ship Leaseis a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in theMarshall Islands,Global Ship Leasecommenced operations inDecember 2007with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. OnNovember 15, 2018, it completed a strategic combination withPoseidon Containers.

Global Ship Leaseowns 43 containerships, ranging from 2,207 to 11,040 TEU, with a total capacity of 245,280 TEU and an average age, weighted by TEU capacity, of 13.4 years as atSeptember 30, 2020. 25 ships are Post-Panamax, of which nine are fuel-efficient new-design wide-beam.

Adjusted to include all charters agreed, and ships acquired or divested, up toNovember 12, 2020, the average remaining term of the Companys charters atSeptember 30, 2020, to the mid-point of redelivery, including options under the Companys control, was 2.3 years on a TEU-weighted basis. Contracted revenue on the same basis was$688.9 million. Contracted revenue was$764.9 million, including options under charterers control and with latest redelivery date, representing a weighted average remaining term of 2.6 years.

Safe Harbor Statement

This press release contains forward-looking statements. Forward-looking statements provide the Companys current expectations or forecasts of future events. Forward-looking statements include statements about the Companys expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as anticipate, believe, continue, estimate, expect, intend, may, ongoing, plan, potential, predict, project, will or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and the Company cannot assure you that the events or expectations included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors described in Risk Factors in the Companys Annual Report on Form 20-F and the factors and risks the Company describes in subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events.

Investor and Media Contact:

The IGB GroupBryan Degnan646-673-9701orLeon Berman212-477-8438