By Angela McDaniels
Tacoma, Wash., May 9 - General Maritime Corp. settled a private placement of $200 million of payment-in-kind toggle floating-rate secured notes due 2018, according to a company news release.
General Maritime subsidiaries General Maritime Subsidiary Corp. and General Maritime Subsidiary II Corp. issued the notes to an affiliate of Oaktree Capital Management, LP. The placement was arranged on March 29.
The notes are guaranteed by General Maritime and some of its subsidiaries.
The interest rate is Libor plus a margin ranging from 600 basis points to 900 bps. There is a 3% Libor floor. Interest is payable in cash or in kind at the company's option.
The company used $115 million of the proceeds to repay debt on its 2005 credit facility, used $25 million to repay debt on its 2010 credit facility and will use a portion of the proceeds for working capital purposes.
General Maritime is a New York-based provider of seaborne crude oil transportation services.
| Issuers: | General Maritime Subsidiary Corp. and General Maritime Subsidiary II Corp.
|
| Guarantor: | General Maritime Corp.
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| Issue: | Payment-in-kind toggle floating-rate secured notes
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| Amount: | $200 million
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| Maturity: | 2018
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| Coupon: | Libor plus 600 bps to 900 bps, payable in cash or in kind
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| Pricing date: | March 29
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| Settlement date: | May 9
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| Distribution: | Private placement
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| Purchaser: | Oaktree Capital Management, LP
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