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GLOBAL MARINE INC. ANNOUNCES RECAPITALIZATION

 HOUSTON, Dec. 16 /PRNewswire/ -- Global Marine Inc. (NYSE: GLM) announced today that the Securities and Exchange Commission has declared effective the registration statements relating to its previously announced public offerings of 26 million shares of common stock and $225 million of senior secured notes.
 The company stated that it has entered into underwriting agreements with Salomon Brothers Inc and Donaldson, Lufkin & Jenrette Securities Corporation for the sale of the senior secured notes and with a syndicate of underwriters led by Salomon Brothers and Howard, Weil, Labouisse, Friedrichs Incorporated for the sale of the common stock.
 The company stated that under the offering the price per share for the common stock is $2.125 and that the coupon on the seven-year senior secured notes is 12.75 percent. Net proceeds from the combined offerings of $268.5 million will be used, together with $45.7 million of the company's available cash, to retire and/or repurchase at a discount $342.6 million of the company's existing indebtedness. The sale of the common stock and the senior secured notes is scheduled to occur on Dec. 23, 1992.
 Mr. C. Russell Luigs, president and chief executive officer, commented, "Completion of the offerings will result in a $115 million decrease in debt, an $80 million increase in equity and a significant reduction in the company's debt service requirements over the next several years. The recapitalization represents an important step towards achieving a financial structure necessary to maintain our position as a quality operator of one of the world's largest and most modern offshore drilling rig fleets."
 Houston-based Global Marine is an international offshore drilling contractor, offers turnkey drilling services, and interests in oil and gas production.
 -0- 12/16/92
 /CONTACT: John G. Ryan, 713-596-5100, or David A. Herasimchuk, 713-596-5809, both of Global Marine/


CO: Global Marine Inc. ST: Texas IN: OIL SU: OFR

CK-PS -- NY028 -- 7621 12/16/92 10:31 EST
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Publication:PR Newswire
Date:Dec 16, 1992
Words:319
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