Container ship lessor Global Ship Lease (GSL) will be selling a new Senior Unsecured Note with a maturity date in 2024.
These $25 notes will have bonuses for early redemption. They will be redeemable on and after 12/31/2021 up until 12/30/2022 for 102% plus accrued interest. Then redeemable on 12/31/2022 until 12/30/2023 for 101% plus accrued interest. Additionally they may redeem the notes anytime prior to 12/31/2021 for 104% plus accrued interest.
I do not find a current credit rating on this issue, but Standard and Poors did recently raise the companies rating on some other notes to B+.
We would expect this unsecured note issue to price fairly high–they currently have a high yield 8.75% preferred outstanding and trading around $25.15.
Remember that while this is note issue it is unsecured and with the exception of common shareholders you are kind of on the bottom rung of the capital stack.
The permanent ticker will be GSLD–there will not be OTC Grey market trading, although when the CUSIP is issused you may be able to secure shares (bonds) with a call to your broker.
The preliminary prospectus can be read here.
Thanks to mcg for being on top of this.