NEW YORK, July 13, 2011 /PRNewswire/ -- General Maritime
Corporation (NYSE: GMR) announced today that it has amended its
$550 million revolving credit
facility, dated as of May 6, 2011,
and its $372 million senior secured
credit facility, dated as of May 6,
2011, each with Nordea Bank
Finland plc and DnB NOR Bank ASA as the lead arrangers of
the facilities, as well as its $200
million credit facility, dated of May
6, 2011, for which affiliates of Oaktree Capital Management
L.P. acted as lender and administrative agent.
Under the terms of the amended $550
million revolving credit facility and $372 million senior secured credit facility, the
required minimum balance in cash and cash equivalents and revolver
availability pursuant to each credit facility has been reduced to
$35 million from $50 million from the date hereof through
December 31, 2011. Thereafter, the
Company will be required to maintain a minimum of $40 million in cash and cash equivalents and
revolver availability through March 31,
2012. After this date, the original terms of the credit
facilities will apply. The amendment to the $200 million Oaktree credit facility conforms to
the aforementioned minimum balance requirement with the existing
10% cushion, that is, $31.5 million
from the date hereof through December 31,
2011, $36 million through
March 31, 2012 and $45 million thereafter. All other material
terms of the credit facilities remain unchanged.
Jeffrey D. Pribor, Chief
Financial Officer of General Maritime Corporation, stated,
"Management continues to successfully increase the Company's
financial flexibility. While we remain in compliance with our
covenants, this amendment provides a source of additional liquidity
and serves as a proactive measure that enhances our ability to
operate in a challenging market environment. We appreciate the
ongoing support we have received from our distinguished lending
group. Our strong banking relationships serve as a core
differentiator for our Company and underscore General Maritime's
future prospects and leadership position. With a large and diverse
modern fleet, combined with a flexible deployment strategy, we
remain well positioned to achieve a level of stability in our
results and benefit from future rate increases."
About General Maritime Corporation
General Maritime Corporation is a leading crude and products
tanker company serving principally within the Atlantic basin, which
includes ports in the Caribbean,
South and Central America,
the United States, West Africa, the Mediterranean, Europe and the North Sea. General Maritime
also currently operates tankers in other regions including the
Black Sea and Far East. General Maritime owns a fully double-hull
fleet of 31 tankers - seven VLCC, nine Aframax, twelve Suezmax
tankers, two Panamax and one product tanker - with a total carrying
capacity of approximately 5.2 million dwt. The Company also has
three Product tankers that are chartered-in with options to
purchase the vessels. The Company controls tonnage totaling 5.3
million dwt, including the owned fleet and the chartered-in fleet.
"Safe Harbor" Statement Under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations and
include factors that could cause actual results to differ
materially such as our ability to borrow under the credit
facilities and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission,
including, without limitation, its Annual Report on Form 10-K for
the year ended December 31, 2010 and
subsequent filings on Form 8-K.
This press release is not an offer to purchase or sell, or a
solicitation of an offer to purchase or sell any securities of the
Company.
SOURCE General Maritime Corporation