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BRIEF-Gulfmark reaches debt restructuring agreement with certain noteholders
May 16, 2017 / 12:24 PM / 3 months ago

BRIEF-Gulfmark reaches debt restructuring agreement with certain noteholders

May 16 (Reuters) - Gulfmark Offshore Inc

* Gulfmark reaches agreement with certain noteholders on debt restructuring to significantly reduce debt

* Gulfmark Offshore Inc says global business operations to continue as normal

* Gulfmark Offshore Inc says under terms of RSA, company will convert its outstanding senior notes to 35.65 pct of equity in a reorganized Gulfmark

* Gulfmark Offshore Inc - restructuring will be implemented through a voluntary Chapter 11 bankruptcy filing of company on or before May 21, 2017

* Gulfmark Offshore Inc says conversion will result in elimination of about $430 million in outstanding debt and about $27 million in annual interest payments

* Gulfmark Offshore - will also launch $125 million rights offering to holders of senior notes for an additional 60 pct of equity in reorganized Gulfmark

* Gulfmark Offshore Inc says $125 million rights offering will be backstopped by certain holders of senior notes

* Gulfmark Offshore Inc - existing shareholders will receive 0.75 pct of equity as well as warrants for an additional 7.5 pct of equity in reorganized Gulfmark

* Gulfmark Offshore Inc - warrants will have a 7-year term and an exercise price based on a reorganized overall equity value of $1 billion Source text for Eikon: Further company coverage:

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