Golden State Petroleum Corporation’s subsidiary has entered into an agreement to sell the VLCC Ulysses (ex-Phoenix Voyager) to an unrelated third party.
The sale is expected to take place in the first half of March and will comply with the provisions of the Indenture, as amended and supplemented governing the 8.04% First Preferred Mortgage Notes due 2019 issued by the Company.
The price will result in an adequate bid, and pursuant to Section 12.1(d) of the Indenture, the net proceeds from the sale, together with the allocable portion of the debt reserve account, will be applied to redeem the allocated principal amount of notes for the vessel at 100 percent of the principal amount, plus accrued and unpaid interest to the redemption date, 90 days after the sale.
[mappress]
ITCL, March 6, 2014; Image: Wikimedia