Golden State Petroleum calls $39.72 million of 8.04% mortgage notes

By Angela McDaniels

Tacoma, Wash., May 9 - Golden State Petroleum Transport Corp. will redeem $39.72 million principal amount of its 8.04% first preferred mortgage notes due 2019 on June 9, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price will be par plus accrued interest.

The company is required to redeem $39.72 million of the notes because Golden State Petro (IOM I-B) plc sold its very large crude carrier, the M.T. Ulysses, on March 11 for an amount at least equal to an "adequate bid," as that term is defined in the indenture. The redemption must occur on the 90th day after the sale.

Hamilton, Bermuda-based Golden State Petroleum Transport is a special-purpose corporation that was organized to issue mortgage notes as agent for affiliated entities Golden State Petro (IOM I-B) and Golden State Petro (IOM I-A) plc.

The company is owned by Golden State Holdings I, Ltd., which is a subsidiary of Independent Tankers Corp., which in turn is controlled by Frontline Ltd., a Hamilton, Bermuda-based oil tanker shipping business.

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