In anticipation of the scheduled test of the Leverage Ratio as at November 30, 2011 when the Company expected that the Leverage Ratio would be between 75% and 90%, the Company agreed with its lenders to waive the requirement to perform the Leverage Ratio test until November 30, 2012. Under the terms of the waiver, the fixed interest margin to be paid over LIBOR increased to 3.50%, prepayments became based on cash flow rather than a fixed amount of $10 million per quarter, and dividends on common shares cannot be paid.
In the three months ended June 30, 2012 a total of $12.1 million of debt was prepaid leaving a balance outstanding of $459.8 million. In the six months ended June 30, 2012 a total of $23.9 million of debt was prepaid.
Dividend Under the terms of the waiver of the requirement to perform the Leverage Ratio test, Global Ship Lease is not currently able to pay a dividend on common shares.
FleetThe following table provides information, as at June 30, 2012, about the on-the-water fleet of 17 vessels chartered to CMA CGM.
|Vessel Name||Capacity in TEUs (1)||Year Built||Purchase by GSL||Remaining Charter Term (2) (years)||Earliest Charter Expiry Date||Daily Charter Rate $|
|Ville d'Orion||4,113||1997||Dec 2007||0.5||Sept 21, 2012 (3)||28,500|
|Ville d'Aquarius||4,113||1996||Dec 2007||0.5||Sept 20, 2012 (3)||28,500|
|CMA CGM Matisse||2,262||1999||Dec 2007||4.5||Sept 21, 2016||18,465|
|CMA CGM Utrillo||2,262||1999||Dec 2007||4.4||Sept 11, 2016||18,465|
|Delmas Keta||2,207||2003||Dec 2007||5.5||Sept 20, 2017||18,465|
|Julie Delmas||2,207||2002||Dec 2007||5.4||Sept 11, 2017||18,465|
|Kumasi||2,207||2002||Dec 2007||5.5||Sept 21, 2017||18,465|
|Marie Delmas||2,207||2002||Dec 2007||5.4||Sept 14, 2017||18,465|
|CMA CGM La Tour||2,272||2001||Dec 2007||4.5||Sept 20, 2016||18,465|
|CMA CGM Manet||2,272||2001||Dec 2007||4.4||Sept 7, 2016||18,465|
|CMA CGM Alcazar||5,089||2007||Jan 2008||8.5||Oct 18, 2020||33,750|
|CMA CGM Château d'If||5,089||2007||Jan 2008||8.5||Oct 11, 2020||33,750|
|CMA CGM Thalassa||11,040||2008||Dec 2008||13.5||Oct 1, 2025||47,200|
|CMA CGM Jamaica||4,298||2006||Dec 2008||10.5||Sept 17, 2022||25,350|
|CMA CGM Sambhar||4,045||2006||Dec 2008||10.5||Sept 16, 2022||25,350|
|CMA CGM America||4,045||2006||Dec 2008||10.5||Sept 19, 2022||25,350|
|CMA CGM Berlioz||6,621||2011||Aug 2009||9.2||May 28, 2021||34,000|
|(1) Twenty-foot Equivalent Units.|
|(2) As at June 30, 2012. Plus or minus 90 days at charterer's option.|
|(3) Notices of redelivery terminating the charters at these dates have been received.|