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Overseas Shipholding to draw on existing credit facilities for Maritrans purchase
By Sara Rosenberg
New York, Sept. 25 - Overseas Shipholding Group, Inc. plans to use borrowings under its existing credit facilities, along with cash on hand, to fund the acquisition of Maritrans Inc., according to a company news release.
Under the agreement, Overseas Shipholding will pay $37.50 per Maritrans share. The transaction is valued at about $455 million based on about 12 million shares outstanding and the assumption of net debt outstanding as of June 30.
The transaction, which is expected to close by year-end 2006, is subject to approval by a majority of Maritrans' shareholders and other customary closing conditions, including regulatory approvals.
Overseas Shipholding is a New York-based tanker company. Maritrans is a Tampa, Fla.-based builder and operator of petroleum transport vessels.
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