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GLOBAL SHIP LEASE Global Ship Lease Reports Results for the First Quarter of 2021 May 10 , 2021 Declares Dividend of $ 0.25 per Common Share LONDON , May 10 , 2021 ( GLOBE NEWSWIRE ) Global Ship Lease , Inc. ( NYSE : GSL ) ( the " Company " , " Global Ship Lease " or " GSL " ) , a containership charter owner , announced today its unaudited results for the three months ended March 31 , 2021 . First Quarter 2021 - Reported operating revenue of $ 73.0 million for the first quarter 2021 . - Reported net income available to common shareholders of $ 4.2 million for the first quarter 2021 after $ 5.8 million premium paid on the full optional redemption of our outstanding 9.875 % Senior Secured Notes due 2022 ( " 2022 Notes " ) on January 20 , 2021 , an associated non - cash write off of deferred financing charges of $ 3.7 million and of original issue discount of $ 1.1 million , a non - cash charge of $ 1.3 million for accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares , and a prepayment fee of $ 1.6 million on the partial repayment of our Blue Ocean Junior Credit Facility , giving normalized net income ( 3 ) of $ 17.8 million . - Generated $ 44.7 million of Adjusted EBITDA ( 3 ) for the first quarter 2021 . - Declared a dividend today of $ 0.25 per Class A common share for the first quarter 2021 to be paid on June 3 , 2021 to common shareholders of record as of May 24 , 2021 , more than double the $ 0.12 per Class A common share announced on January 12 , 2021 , as a result of subsequent fleet growth and success in rechartering . - During the first quarter 2021 , raised a further $ 10.7 million net proceeds under our ATM program for our 8.75 % Series B Preferred Shares ( " Series B Preferred Shares " ) . During the period from April 1 , 2021 through May 7 , 2021 , a further $ 10.3 million net proceeds was raised under this ATM program . -During the first quarter 2021 , raised a further $ 15.1 million net proceeds under our ATM program for our 8.00 % Senior Unsecured Notes due 2024 ( " 2024 Notes " ) . During the period from April 1 , 2021 through May 7 , 2021 , a further $ 7.6 million net proceeds was raised under this ATM program . - On January 12 , 2021 , Moody's upgraded our Corporate Family Rating and the issue rating of our 2022 Notes to B2 / Positive from B3 / Positive . - On January 19 , 2021 , fully drew down a new $ 236.2 million senior secured loan facility with Hayfin Capital Management , LLP ( the " New Hayfin Facility " ) . The proceeds , together with cash on hand , were used to complete on January 20 , 2021 the full optional redemption of our outstanding 2022 Notes . - On January 20 , 2021 , upon the redemption in full of our 2022 Notes , the 250,000 Series C Perpetual Convertible Preferred Shares held by KEP VI ( Newco Marine ) Ltd. and KIA VIII ( Newco Marine ) Ltd. ( together , “ Kelso ” ) , both affiliates of Kelso & Company , a U.S. private equity firm , were converted into 12,955,188 of our Class A common shares . - On January 26 , 2021 , closed our fully underwritten public offering of 5,400,000 Class A common shares , at a public offering price of $ 13.00 per share . The underwriters exercised , in part , their 30 - day option to purchase on February 17 , 2021 , an additional 141,959 Class A common shares . The aggregate net proceeds , after underwriting discounts and commissions and expenses , were approximately $ 67.8 million . - On February 9 , 2021 , announced that we had agreed to purchase from and charter back to Maersk Line , seven 6,000 TEU Post - Panamax containerships with an average age of approximately 20 years for an aggregate purchase price of $ 116.0 million . During the period from April 1 , 2021 through May 9 , 2021 , four ships have been delivered . The remaining ships are scheduled for delivery during the second and third quarter of 2021. In April 2021 , we entered into a new credit facility with HCOB for six of these seven ships and have drawn down three tranches of $ 10.7 million each , amounting to a total of $ 32.1 million . We expect to enter into a new credit facility shortly to finance the fourth ship delivered to date . - On April 13 , 2021 , Kelso and Maas Capital Investments B.V. sold an aggregate of 5,175,000 Class A common shares in an underwritten public offering at $ 12.50 per share ( including 675,000 Class A common shares that were sold pursuant to the underwriters ' exercise , in full , of their option to purchase additional shares ) . We did not receive any proceeds from the sale of these Class A common shares . - On April 16 , 2021 , we drew down in full on a new $ 51.7 million secured credit facility to refinance one of the three existing tranches of the $ 180.5 million Deutsche , CIT , HCOB , Entrust , Blue Ocean Credit Facility that had a maturity date on June 30 , 2022 . - On May 7 , 2021 , we drew down in full on a new $ 51.7 million secured credit facility to refinance the second of the three existing tranches of the $ 180.5 million Deutsche , CIT , HCOB , Entrust , Blue Ocean Credit Facility that had a maturity date on June 30 , 2022 . - Since January 1 , 2021 and excluding the seven ships we have contracted to purchase , agreed 11 charter extensions or new charters for our existing fleet , adding approximately $ 280.9 million of contracted revenues and $ 204.1 million of expected aggregate Adjusted EBITDA . The charters were for five 2,200 - 2,800 TEU feeder ships , one 5,100 TEU Panamax , and five 5,900 - 6,800 TEU Post - Panamaxes . Charter durations ranged from approximately 21 months to over four years , with shorter durations for the smaller ships and longer durations for the larger ships . Rates were up significantly against those previously contracted . Including the seven ships contracted for purchase , we have added approximately $ 300 million of expected aggregate Adjusted EBITDA since January 1 , 2021 calculated on the basis of the median firm periods of the respective charters . George Youroukos , Executive Chairman of Global Ship Lease , stated , " The strong containership market momentum of late 2020 has further accelerated in 2021 , positioning the sector for levels of profitability not seen in many years . While factors such as port delays , shortage of equipment , and congestion in the Suez Canal have provided support at the margin in tying up containership capacity , the present market conditions are based on