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GLOBAL MARINE ANNOUNCES AGREEMENTS FOR DEBT REPURCHASE

 GLOBAL MARINE ANNOUNCES AGREEMENTS FOR DEBT REPURCHASE
 HOUSTON, Oct. 29 /PRNewswire/ -- Global Marine Inc. (NYSE: GLM)


announced today that it has reached agreements with the holders of approximately $260 million of its $357 million of long-term indebtedness regarding the purchase of such debt for a weighted average price of approximately 90 percent of face value.
 The agreements are subject to, among other things, (i) the ability of the company to obtain similar agreements with the holders of a significant percentage of its remaining long-term debt, (ii) the ability of the company to raise the monies necessary to fund the debt repurchase, and (iii) approval of the transaction by the company's board of directors. The company stated that it intends to obtain the necessary funding through the sale of both debt and equity securities.
 Global Marine previously announced that it plans a public offering of 20 million shares of its common stock. A registration statement relating to these shares has been filed with the Securities and Exchange Commission but has not yet become effective. These shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Houston-based Global Marine is an international offshore drilling contractor and offers turnkey drilling services and has interests in oil and gas production.
 -0- 10/29/92
 /CONTACT: Jerry C. Martin, 713-596-5832, or David A. Herasimuchuk, 713-596-5809, both of Global Marine/
 (GLM) CO: Global Marine Inc. ST: Texas IN: OIL SU:


TS-PS -- NY015 -- 6431 10/29/92 09:19 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 29, 1992
Words:307
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