TransMontaigne receives tenders for 99.25% of 9 1/8% notes, extends tender deadline

By Laura Lutz

Des Moines, Aug. 7 - TransMontaigne Inc. received tenders and consents for $198.505 of its $200 million outstanding 9 1/8% senior subordinated notes due 2010 by the Aug. 4 consent deadline of its ongoing tender offer.

That amount represents 99.25% of the outstanding notes. With those consents, the company will amend the notes as proposed to eliminate the restrictive covenants and some events of default.

TransMontaigne also extended the tender offer deadline to 8 a.m. ET on Sept. 1 from 11:59 p.m. ET on Aug. 17.

As previously reported, for each $1,000 principal amount of notes tendered before the consent deadline, 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.

Notes tendered after the consent deadline will not receive the consent payment.

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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