Britannia Bulk starts offer for up to $52.56 million 11% notes

By Jennifer Chiou

New York, Feb. 29 - Britannia Bulk plc began an excess cash flow offer for up to $52.56 million of its 11% senior secured notes due 2011, according to a 6-K filing with the Securities and Exchange Commission.

The company said that it will pay $961.15 per $1,000 principal amount of notes, plus accrued interest.

The offer ends at 11 a.m. ET on May 23, and settlement is slated for May 29.

The London-based company owns and operates a fleet of drybulk, tug and barge vessels with a focus on the Baltic coal trade.

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