Golden Close to carry out cash sweep redemption on 11% bonds due 2015

By Tali Rackner

Norfolk, Va., Nov. 13 – Golden Close Maritime Corp. will said it will carry out a cash sweep redemption of $57 million of its 11% senior secured callable bonds due 2015, according to a notice from bond trustee Nordic Trustee ASA.

The bonds will be redeemed at par plus accrued interest up to, but excluding, the settlement date of Dec. 9.

According to the bond agreement, Golden Close will carry out such a redemption if the minimum amount in its debt service reserve account reaches $30 million. The amount on the account is higher than the required minimum, triggering the cash sweep redemption.

Golden Close owns and operates the drillship Deepsea Metro I in Tanzania and Kenya. It is based in Bergen, Norway.

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