TransMontaigne tenders for 9 1/8% notes

By Jennifer Chiou

New York, July 24 - TransMontaigne Inc. announced the launch of a tender offer for its $200 million of 9 1/8% senior subordinated notes due 2010.

The company is also soliciting consents to certain proposed amendments to eliminate substantially all of the restrictive covenants and certain events of default and other provisions in the note indenture.

The consent deadline is 5 p.m. ET on Aug. 4. The offer ends at 11:59 p.m. ET on Aug. 18.

For each $1,000 principal amount of notes, the company will determine its payout using the 3.5% Treasury due May 31, 2007 and 50 basis points. The payout includes a $30.00 consent payment for those who tender prior to the consent deadline.

Pricing will be fixed at 2 p.m. ET on Aug. 4.

On June 22, the company said it will redeem or defease its 9 1/8% series B senior subordinated notes or amend the securities to allow them to remain outstanding as part of its acquisition by Morgan Stanley Capital Group Inc.

On June 20, SemGroup, LP said it ended its tender offer for TransMontaigne's 9 1/8% notes after previously announcing it had dropped out of the bidding for TransMontaigne.

Global Bondholder Services is the information agent (866 795-2200 or call collect 212 430-3774). Morgan Stanley & Co. Inc. is the dealer manager and solicitation agent (800 624-1808 or call collect 212 761-5746).

TransMontaigne is a Denver-based refined petroleum products terminaling and pipeline company.

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