ITCL - Golden State Petroleum Corporation Announces Sale of VLCC Ulysses (ex- Phoenix Voyager)
Press release from Independent Tankers Corporation Limited 05.03.2014
Golden State Petroleum Corporation (the "Company"), a wholly-owned subsidiary of Independent Tankers Corporation Limited ("ITCL") announced today that Golden State Petro (IOM-I-B) PLC ("GS IOM-B"), a subsidiary of the Company, has entered into an agreement to sell the VLCC Ulysses (ex-Phoenix Voyager) (the "Vessel") 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 (the "Indenture") governing the 8.04% First Preferred Mortgage Notes due 2019 issued by the Company (the "Notes"),
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 the Allocable Portion of the Debt Reserve Account (as defined in the Indenture), will be applied to redeem the Allocated Principal Amount of Notes (as defined in the Indenture) for the Vessel 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.
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
March 5, 2014
Questions should be directed to:
Magnus Vaaler, Vice President Finance, Frontline Management AS
+47 23 11 40 00
Forward Looking Statements
This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including the Company's management's examination of historical operating trends. Although the Company believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, the Company cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this press release include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in the Company's operating expenses including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the Norwegian over-the-counter market in Oslo.
