GulfMark Offshore on Friday terminated its “opportunistic” cash tender offer to purchase up to $300m aggregate principal amount of its outstanding 6.375% senior notes due 2022.
Quintin Kneen, president and CEO of the American company, commented, “Although we are disappointed we could not create value for our stockholders through this transaction, this was always an opportunistic undertaking and we are certainly encouraged by the long-term view demonstrated by our bondholders. We will continue to seek out opportunities to improve liquidity, deleverage, and maximize stockholder value during this difficult period in the offshore vessel industry.”
As a result of the termination, none of the notes that have been tendered in the tender offer will be accepted for purchase and no consideration will be paid or become payable to holders of notes who have tendered their notes in the tender offer. All notes previously tendered and not withdrawn will be promptly returned or credited back to their respective holders.