December 31, 2015 Westport – Ridgebury Crude Tankers (the Issuer in March 2014 of a $210 million Senior Secured Bond) today announced the purchase of the Ridgebury Alice M from affiliate Ridgebury Aframax Tankers.
- Jan 04, 2016
The transaction was completed in accordance with the terms approved by Bondholders on June 24, 2015. The purchase price of $22.1 million was 85% of the vessel’s appraised value according to two independent shipbroker valuations. The purchase was funded from Excess Cash (as defined in the Bond Agreement).
The ship, a 2003 Sumitomo-built Aframax tanker, will continue to trade in the spot market as part of the Teekay Aframax RSA (Revenue Sharing Agreement) pool.
With this purchase, Ridgebury Crude Tankers has applied Excess Cash during 2015 as follows:
-$10.0 million for redemption of bonds at par (March)
– $20.0 million for purchase of the 2003 Aframax tanker Ridgebury Sally B in (June)
– $10.0 million for redemption of bonds at par (September)
– $22.1 million for purchase of the 2003 Aframax tanker Ridgebury Alice M (December)
Due to a combination of (a) the reduction in bond principal to $190 million, (b) the addition to two Aframax vessels to the bond security package, and (c) a general increase in tanker values, bond LTV has been reduced from 70% at issuance in March 2014, to 47% as of December 31, 2015, based on valuations provided by two independent shipbrokers.
Today Ridgebury takes delivery and ownership of the Ridgebury Pioneer
- Nov 10, 2015
Today Ridgebury takes delivery and ownership of the Ridgebury Pioneer, the final purchase of the four sister VLCC’s that were previously under Ridgebury’s management for MLR Petroleum LLC.
Today Ridgebury takes delivery and ownership of the Ridgebury Pride
- Oct 19, 2015
Ridgebury takes delivery and ownership of the Ridgebury Pride, the third of four VLCC’s under Ridgebury’s management.
The remaining vessel, to be named Ridgebury Pioneer, will be delivered in the upcoming months.
Ridgebury Tankers fielded two teams for the Seamen’s Church Institute’s Mountain Challenge – The Ridgebury Teams raised $28,000 for the mariner programs SCI supports
- Sep 28, 2015
Ridgebury Tankers wins “Deal of the Year” at Marine Money 2015
- Sep 28, 2015
We Welcome Timothy Morris to the Ridgebury Operations Team
- Aug 17, 2015
Tim Morris, a graduate of the US Merchant Marine Academy at Kings Point, has joined the Ridgebury team as Operations Manager. Tim was most recently with Principal Maritime Management and Admanthos Shipping Agency.
Ridgebury Crude Tankers LLC today released Audited Consolidated Financial Statements
- Apr 01, 2015
The financial statements released today did not differ
materially from the Company’s previously released
unaudited results. Read full detailed statement here.
We welcome Tony Buleza to the Ridgebury Operations Team
- Mar 20, 2015
Tony Buleza, a graduate of the US Merchant Marine Academy at Kings Point, has joined the Ridgebury team as Operations Manager. Tony was previously with International Shipholding Corporation and Archer Daniels Midland Company. We are pleased to have Tony on board.
Marine Money – Deal of the Year
- Mar 06, 2015
Ridgebury’s successful $210 million bond placement for subsidiary company Ridgebury Crude Tankers LLC has been named a Deal of the Year by Marine Money. Read full story here.
Ridgebury Crude Tankers Announces Intent to Redeem $10 million in Bonds
- Mar 02, 2015
Westport, Connecticut — Ridgebury Crude Tankers (“Ridgebury” or the “Company”) announced today that it intends to redeem $10,000,000 principal amount of its 7.625% Senior Secured Bond Issue 2014/2017 (ISIN: NO 001 070583.3). The Bonds will be redeemed on March 20, 2015 using Excess Cash as defined in the Bond Agreement.
Read full story Here.