OSG Prices Public Offering of Senior Notes
Overseas Shipholding Group ("OSG") has priced its public offering of $300 million in aggregate principal amount of senior unsecured notes due 2018 (the "Notes"), which will bear interest at a rate of 8.125% per year. The Notes are being sold to the public at a price equal to 98.563% of par. The offering is expected to close on March 29, 2010, subject to customary closing conditions.
OSG intends to use the net proceeds from the offering to reduce outstanding indebtedness under its unsecured revolving credit facility.