General Maritime buys 99.99% of 10% notes in tender

New York, Jan. 17 - General Maritime Corp. said it completed its tender for its $226.48 million of 10% senior notes due 2013, buying $226.46 million or 99.99% of the notes.

The tender ended at 5 p.m. ET on Jan. 17.

The response was the same as that at the consent deadline of 5 p.m. ET on Dec. 29 - no additional notes were tendered subsequently.

In addition to the tender, General Maritime was soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and the related default provisions as well as restrictions related to the company's ability to pay dividends or repurchase stock.

General Maritime previously said on Dec. 27 that as part of the consent solicitation it is no longer seeking to eliminate the events of default in the indenture based on insolvency acts or orders.

For each $1,000 principal amount of notes in its tender offer, General Maritime paid $1,151.12, assuming a payment date of Dec. 30 for those who tendered by the consent deadline. The payout includes a consent payment of $30.00 per $1,000.

The company based pricing on the bid-side yield of the 3 3/8% U.S. Treasury notes due Feb. 15, 2008.

The New York crude oil shipping company launched the offer on Dec. 15.

The company said the offer is subject to conditions including the receipt of the necessary consents to amend the notes and it being able to borrow funds to pay for the notes.

Goldman, Sachs & Co. is the dealer manager and solicitation agent (800 828-3182 or call collect 212 357-7867). D.F. King & Co., Inc. is the information agent (800 269-5550).

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