Windsor Petroleum Transport Corporation Announces Expiration of Consent Solicitation - WSFA.com: News Weather and Sports for Montgomery, AL.

Windsor Petroleum Transport Corporation Announces Expiration of Consent Solicitation

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SOURCE Windsor Petroleum Transport Corporation

HAMILTON, Bermuda, April 25, 2014 /PRNewswire/ -- Windsor Petroleum Transport Corporation ("Windsor"), a Delaware corporation, announced today the results of its consent solicitation to amend the indenture (the "Indenture") relating to its 7.84% Term Secured Notes Due 2021 (CUSIP 973735 AY9/ISIN US973735AY91) (the "Notes"). The consent solicitation expired at 5 p.m. EST on April 24, 2014 (the "Expiration Time").

As of the Expiration Time, Windsor had received the consent of holders of $133.1 million aggregate principal amount of the Notes, representing approximately 55.67% percent of the Notes outstanding. Windsor has therefore received valid consents from holders of a majority in principal amount outstanding of the Notes to amend the Indenture. Windsor expects to enter into the supplemental indenture as set forth in the consent solicitation on April 29, 2014, or as soon as practicable thereafter, upon receipt of instructions from the Information and Tabulation Agent.

Windsor launched the consent solicitation to amend the Indenture to add a provision permitting payment of fees to certain advisors of a bondholder group that has approached Windsor with a restructuring proposal and a provision streamlining the operations of two vessels that serve as collateral for the Notes and that currently operate in the spot market (and any vessels that may operate in the spot market in the future), both as described in the consent solicitation.  

D.F. King & Co., Inc. acted as the Information and Tabulation Agent.

Advisory: This press release is for informational purposes only and is not being made in any jurisdiction in which the making of this announcement would violate the laws of such jurisdiction, nor is it an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitation was made solely pursuant to a consent solicitation statement dated April 24, 2014 and the related letter of consent.

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