International Seaways, Inc. (NYSE:INSW) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.
On December 28, 2018, International Seaways, Inc. (the “Company”) entered into a supplemental indenture (the “First Supplemental Indenture”) with GLAS Trust Company LLC (the “Trustee”) to the previously executed indenture, dated as of June 13, 2018 (the “Indenture”) between the Company and the Trustee governing the Company’s outstanding 10.75% Step-Up Notes due 2023 (the “Notes”). The First Supplemental Indenture amended the terms of the Notes to, among other matters, more closely reflect the asset sale provisions of the outstanding Credit Agreement dated as of June 22, 2017, as amended, by and among the Company, International Seaways Operating Corporation, the subsidiary guarantors, the lenders thereunder and the other parties thereto. Each of the holders of the outstanding Notes consented to the amendments to the Indenture contained in the First Supplemental Indenture. As a condition to the effectiveness of the First Supplemental Amendment, the Company paid a fee to the holders of the Notes of 0.50% of the outstanding amounts of the Notes.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.
|
Exhibit No. |
Description |
|
4.1 |
First Supplemental Indenture dated December 28, 2018 to the Indenture, dated as of June 13, 2018. governing the Company’s outstanding 10.75% Step-Up Notes due 2023. |
International Seaways, Inc. Exhibit
EX-99 2 exhibit99.htm This FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”),…
To view the full exhibit click here
About International Seaways, Inc. (NYSE:INSW)
International Seaways, Inc. and its subsidiaries own and operate a fleet of oceangoing vessels. The Company’s oceangoing vessels engage in the transportation of crude oil and petroleum products in the International Flag trades. The Company’s segments are International Crude Tankers and International Product Carriers. Its 55-vessel fleet consists of Ultra Large Crude Carrier (ULCC), Very Large Crude Carrier (VLCC), Aframax and Panamax crude tankers, as well as long range 1 (LR1), LR2 and medium range (MR) product carriers. Its International Crude Tankers segment is made up of a ULCC and a fleet of VLCCs, Aframaxes, and Panamaxes. Its International Product Carriers segment consists of a fleet of MRs, LR1s and an LR2 engaged in the transportation of crude and refined petroleum products. Through joint venture partnerships (the JVs), it has ownership interests in approximately four liquefied natural gas carriers and approximately two floating storage and offloading service vessels.
