Simpson Thacher Represents Underwriters in SEC Registered Offering by General Maritime Corporation
04.08.11
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The Firm represented Jefferies & Company, Inc. and Dahlman Rose & Company, LLC in a public offering of 26,450,000 shares of common stock of General Maritime Corporation (“General Maritime”) (including the full exercise of the over-allotment option). General Maritime received approximately $49.5 million in net proceeds from the offering. Concurrently with the equity offering, General Maritime announced a $200 million investment by an affiliate of Oaktree Capital Management, L.P. in the form of pay-in-kind toggle secured notes and warrants for 19.9% of the outstanding common stock, partial commitments to refinance its $721 million credit facility and the intention to seek an amendment to the covenants of its $372 million credit facility.
General Maritime is a leading crude and products tanker company serving principally within the Atlantic basin. General Maritime controls 34 vessels, totaling 5.2 million dwt, including owned fleet and chartered-in fleet. General Maritime is a NYSE listed company.
The Simpson Thacher team for this transaction included Gary L. Sellers, Juan Francisco Mendez, Reece Hunt and Daniel Sirkis (Capital Markets); Jonathan Cantor and Seojung Park (Tax); and Andrew Pagliughi (FINRA and Blue Sky). Paralegal Yacoba Annobil also provided valuable assistance.