05:55 PM EDT, 08/12/2024 (MT Newswires) -- Global Ship Lease ( GSL ) said late Monday it has established a $300 million senior secured term loan facility maturing in Q3 of 2030 to enable a comprehensive refinancing and streamlining of some of its debt facilities.

The new facility contains covenants that are similar to those made under its existing credit facilities, and will be secured by, among other things, first priority mortgages on 10 of its vessels, the company said.

The firm said it plans to use the net proceeds to refinance or prepay a total of 10 existing debt facilities, resulting among others in a reduction of its average debt cost to 3.98% from 4.57% and extension of its average maturity to 4.2 years from 2.6 years.