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22-09-2014
Golden State Petroleum Corporation (the "Company"), a wholly-owned subsidiary of Independent Tankers Corporation Limited ("ITCL") announced today that Golden State Petro (IOM-I-A) PLC ("GS IOM-A"), a subsidiary of the Company, has entered into an agreement to sell the VLCC Ulriken (ex-Antares Voyager) (the "Vessel") to an unrelated third party. The delivery is expected to take place in October 2014 and will comply with the provisions of the Indenture, as amended and supplemented (the "Indenture"), governing the 8.04% First Preferred Mortgage Notes due 2019 issued by the Company (the "Notes"). After delivery it is expected that the vessel will cease to operate in the tanker market.
The sales price will result in an Adequate Bid (as defined in the Indenture), and pursuant to Section 12.1(d) of the Indenture, the net proceeds from such sale, together with any other amounts held by or on behalf of The Bank of New York Mellon for the benefit of the holders of the Notes, will be applied to redeem all outstanding Notes at 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, which is 90 days after the sale of the Vessel.
VLCC Ulriken (ex-Antares Voyager)
Independent Tankers Corporation Limited, press release