New Issue: General Maritime $250 million 10-year notes yield 10¼%

By Paul A. Harris

St. Louis, March 17- General Maritime Corp. priced $250 million of 10% senior subordinated notes due March 15, 2013 (B1/B+) at 98.463 Monday to yield 10¼%, according to a syndicate source.

Price talk was for a yield of 9¾%-10%.

JP Morgan was the bookrunner. The co-managers were Banc of America Securities, Credit Suisse First Boston and Lehman Brothers.

Proceeds from the Rule 144A deal will be used to repay debt incurred to fund acquisition of 19 tankers from Metrostar.

The issuer is a seaborne crude oil transporter headquartered in New York City.

Issuer:	General Maritime Corp.
Amount:	$250 million
Maturity:	March 15, 2013
Security description:	Senior notes
Bookrunner:	JP Morgan
Co-managers:	Banc of America Securities, Credit Suisse First Boston, Lehman Brothers
Coupon:	10%
Price:	98.463
Yield:	10¼%
Spread:	642 basis points
Call features:	Callable on March 15, 2008 at 105, then at 103.333, 101.667, declining to par on March 15, 2011 and thereafter
Equity clawback:	Until March 15, 2006 for 35% at 110
Settlement date:	March 20, 2003
Ratings:	Moody's: B1
	Standard & Poor's: B+
Rule 144A Cusip:	370290AA6
Price talk:	9¾%-10%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.