Windsor Petroleum tallies consents from holders of 96% of 7.84% notes

By Jennifer Chiou

New York, June 28 - Windsor Petroleum Transport Corp. announced the receipt of consents from holders of about $193 million, or 96%, of its 7.84% term secured notes due 2021. The purpose of the solicitation was to approve the proposed sale of the very large crude carrier vessel m.t Pioneer that is part of the collateral for the notes.

The company was seeking valid consents from holders of two-thirds of the securities, thus satisfying the minimum condition.

Windsor also was looking for authorization to terminate related collateral agreements to release the Pioneer as collateral for the notes.

The consent solicitation ended at 5 p.m. ET on June 27. It began on June 17.

Windsor previously said that it was soliciting consents because, due to current conditions in the charter market for very large crude carriers, the efforts of the Pioneer's manager to enter into a replacement charter for the Pioneer on the terms required by the indenture failed.

Jefferies & Co., Inc. (877 877-0696 or collect 212 284-2435) was the solicitation agent. D.F. King & Co., Inc. (800 967-4612 or banks and brokers 212 269-5550) was the information agent.

The issuer is a Hamilton, Bermuda-based special-purpose entity formed to finance the construction of four very large crude carrier vessels under a long-term time charter to BP Shipping.

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