Global Ship Lease slides on secondary offering

Global Ship Lease

09/04/2021 11:49

** Global Ship Lease  GSL.N  shares down ~6% at $13.20
premarket on secondary offering
    ** Containership owner late Thurs announced sale of shares
by Kelso & Company  urn:newsml:reuters.com:*:nGNX4M8Dmn
    ** Sources say private equity firm to sell ~4.5 mln shares
and offering expected to price at $12.50, ~11% discount to last
sale
    ** Kelso owns ~12.96 mln GSL shares for ~36% stake, per
prospectus filing https://www.sec.gov/Archives/edgar/data/1430725/000119312521110355/d62679d424b7.htm#supprom62679_8
    ** Jefferies, Deutsche Bank and Morgan Stanley jt
bookrunners for offering
    ** ~23k GSL shares have traded before the bell vs 30-DMA
volume of ~458k, per Refinitiv data
    ** GSL shares have gained 18.3% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))