Global Ship Lease, Inc. announced that it has agreed a new $236.2 million senior secured loan facility (the “New Facility”) with Hayfin Capital Management, LLP (“Hayfin”). Global Ship Lease intends to use the proceeds from the New Facility, along with cash on hand, to redeem in full the Company’s outstanding 9.875% First Priority Secured Notes due 2022 (the “2022 Notes”). The New Facility matures in January 2026 and bears an interest rate of LIBOR + 7.00%, compared to a coupon of 9.875% on the 2022 Notes. Scheduled amortization under the New Facility is approximately $26 million annually, a reduction from amortization of $35 million annually under the 2022 Notes. Furthermore, amortization will be at par under the New Facility, rather than at 102 under the 2022 Notes. Redemption of the 2022 Notes will, in accordance with the indenture, trigger conversion of the Series C Preferred Shares held by affiliates of Kelso & Company, into approximately 13 million common shares, increasing the number in issue to approximately 30.7 million; underlying ownership and economics are unchanged.