International Ship Lease Pronounces Closing of $350 Million of Senior Secured Notes due 2027

LONDON, June 16, 2022 (GLOBE NEWSWIRE) — International Ship Lease, Inc. (NYSE:GSL) (the “Firm” or “GSL”) introduced immediately that its oblique wholly-owned subsidiary, Knausen Holding LLC (the “Issuer”), has closed its beforehand introduced providing of $350 million combination principal quantity of its 5.69% Senior Secured Notes due 2027 (the “Notes”) in a personal placement to a restricted variety of accredited buyers, pursuant to a be aware buy settlement. Pricing on June 1, 2022 was primarily based on the three.2 12 months Interpolated US Treasury Yield (ICUR3.2) plus a diffusion of two.85%.

The Firm used a portion of the online proceeds from the personal placement for the reimbursement of the remaining excellent stability on its $236.2 Million Senior Secured Mortgage Facility (the “Hayfin Facility”) – which bore curiosity at LIBOR plus a margin of seven.00% – and the rest is anticipated for use for common company functions, primarily the reimbursement of different excellent consolidated indebtedness of the Firm. Goldman Sachs & Co. LLC acted as Sole Structuring Agent and Lead Placement Agent. Credit score Agricole Company & Funding Financial institution and Hayfin Companies LLP acted as advisors to the Issuer.

George Youroukos, Govt Chairman of International Ship Lease, acknowledged, “We’re very happy to have closed this personal placement, which provides an thrilling new supply of capital to our portfolio. The transaction is well-collateralized and conservatively structured which, along with our risk-averse enterprise mannequin, appealed to buyers and allowed us to convey pricing down from the earlier unfold of seven.00% to 2.85% for these new Notes. Securing the Notes towards the identical 20 vessel collateral pool as that launched by the re-financing of the Hayfin Facility may even enable us to completely prepay each our 8.00% Senior Unsecured Notes due 2024 and our secured facility with Hellenic Financial institution, maturing 2024 and priced at LIBOR plus 3.90%. The latter will additional improve our monetary flexibility by releasing 5 unencumbered ships. Moreover, the Notes amortize at 15% per 12 months, permitting us to concurrently de-risk and construct fairness worth, prudently guaranteeing that the present power within the constitution market and asset values enhances GSL’s aggressive and strategic place all through cycles. With this transaction, we’re delighted to have established new relationships with institutional buyers, which we look ahead to constructing upon going ahead.”          

The Notes are senior obligations of the Issuer, secured by first precedence mortgages on 20 recognized vessels owned by subsidiaries of the Issuer (the “Subsidiary Guarantors”) and sure different related belongings and contract rights, in addition to share pledges over the Subsidiary Guarantors. As well as, the Notes are absolutely and unconditionally assured by GSL.

The supply and sale of the Notes was made solely in a personal placement exempt from registration pursuant to Part 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The Notes haven’t been registered beneath the Securities Act or any state securities legal guidelines and might not be supplied or bought in the US absent registration or an relevant exemption from the registration necessities of the Securities Act and relevant state legal guidelines. This press launch shall not represent a suggestion to promote or a solicitation of a suggestion to buy the Notes or another securities, and shall not represent a suggestion, solicitation or sale in any state or jurisdiction through which such a suggestion, solicitation or sale could be illegal.

Protected Harbor Assertion

This press launch comprises forward-looking statements. Ahead-looking statements present the Firm’s present expectations or forecasts of future occasions. Ahead-looking statements embody statements concerning the Firm’s expectations, beliefs, plans, aims, intentions, assumptions and different statements that aren’t historic information. Phrases or phrases resembling “anticipate,” “imagine,” “proceed,” “estimate,” “count on,” “intend,” “could,” “ongoing,” “plan,” “potential,” “predict,” “challenge,” “will” or related phrases or phrases, or the negatives of these phrases or phrases, could establish forward-looking statements, however the absence of those phrases doesn’t essentially imply {that a} assertion isn’t forward-looking. These forward-looking statements are primarily based on assumptions that could be incorrect, and the Firm can’t guarantee you that the occasions or expectations included in these forward-looking statements will come to go. Precise outcomes might differ materially from these expressed or implied by the forward-looking statements because of varied elements, together with the elements described in “Threat Components” within the Firm’s Annual Report on Kind 20-F and the elements and dangers the Firm describes in subsequent studies filed every so often with the U.S. Securities and Alternate Fee. Accordingly, you shouldn’t unduly depend on these forward-looking statements, which communicate solely as of the date of this press launch. The Firm undertakes no obligation to publicly revise any forward-looking assertion to replicate circumstances or occasions after the date of this press launch or to replicate the prevalence of unanticipated occasions.

Investor and Media Contact:

The IGB Group
Bryan Degnan
646-673-9701

or

Leon Berman
212-477-8438

International Ship Lease Inc.