By Paul A. Harris
St. Louis, Feb. 13 - Overseas Shipholding Group priced an upsized $150 million of 20-year senior notes (Ba1/BB+) Friday at par to yield 7½%, according to an informed source.
UBS Investment Bank ran the books on the quick-to-market off-the-shelf deal.
Proceeds will be used to repay bank debt.
The issuer is a New York City-based ocean-going crude oil transportation company.
| Issuer: | Overseas Shipholding Group
|
| Amount: | $150 million (increased from $125 million)
|
| Maturity: | Feb. 15, 2024
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| Security description: | Senior notes
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| Bookrunner: | UBS Investment Bank
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| Coupon: | 7½%
|
| Price: | Par
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| Yield: | 7½%
|
| Spread: | 258 basis points
|
| Call protection: | Non-callable for the life of the bond
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 19
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
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