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Golden State Petroleum redeems $39.72 million 8.04% mortgage notes
By Jennifer Chiou
New York, June 10 – Golden State Petroleum Transport Corp. said it redeemed $39.72 million principal amount of its 8.04% first preferred mortgage notes due 2019 at par plus accrued interest on June 9.
The redemption was announced in May.
As reported, the company was required to redeem 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 had to 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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