Global Ship Lease has redeemed the remainder of senior notes coming due in 2024.

The Ian Webber-led container ship owner will buy back $89m in notes at 102% of the principal amount, plus accrued interest up to but excluding Saturday’s redemption date.

Once the redemption is complete, there will be no 2024 notes outstanding and the 2024 notes will cease trading on the New York Stock Exchange.

Two weeks ago, GSL sold $350m in debt to square away a loan coming due in 2026.

New York-listed GSL offered those senior secured notes, which carried a 5.69% coupon rate, to a limited number of accredited investors in a private placement.

The debt was backed by first-priority by mortgages on 20 vessels in its fleet and other assets, contract rights and company shares.

GSL plans to use the money from the sale of these 2027 notes to pay off the rest of a $236m senior secured loan facility that was signed in January 2021 with Hayfin Capital Management.

The shipowner used the proceeds from the Hayfin loan, which has an interest rate of Libor plus 7% and will mature in 2026, to buy back its remaining pile of first-priority secured notes that had a 9.875% coupon rate and were due this year.

As of 31 March, GSL’s debt stood at $1.08bn, with $792m of that in the form of vessel-secured debt.

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