Rochester,NY 8/24/2009 10:59:52 PM
GLOBAL SHIP LEASE, INC. GSL-U, Lease Alters $800M Loan
GLOBAL SHIP LEASE, INC.
Global Ship Lease (GSL) is planning an amendment to its $800 million credit facility. Under the amended terms, the loan-to-value covenant has been waived until Nov. 30, 2010, with the next loan-to-value test on April 30, 2011.
The containership charter owner will also be able to borrow funds to facilitate the purchase of a container vessel, Berlioz. The undrawn commitments of around $200 million will be cancelled and dividends to common shareholders will be suspended.
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