Overseas Shipping expects to price $125 million 20-year bullets on Friday

By Paul A. Harris

St. Louis, Feb. 12 - Overseas Shipping Inc. plans to sell $125 million of 20-year senior notes (Ba1/BB+) on Friday, according to informed sources.

UBS Investment Bank is running the books for the off-the-shelf deal.

The notes will be non-callable for life.

Proceeds will be used to repay bank debt.

The prospective issuer is a New York City-based ocean-going crude oil transportation company.

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