Global Ship Lease (NYSE:GSL) secured a $1 billion syndicated loan facility to finance the construction of 15 new container ships.
The seven-year loan carries an interest rate of SOFR plus 1.5%. That margin is significantly lower than the financing available to the company five years ago.
A syndicate of eight international banks arranged the oversubscribed facility, led by Bank of America. GSL plans to draw on the loan in tranches as the ships are delivered between late 2028 and 2030.
Each ship has a long-term charter in place and is expected to generate revenue upon delivery.