Overseas Shipholding Group on road with $300 million eight-year notes

By Paul Deckelman

New York, March 22 - Overseas Shipholding Group, Inc. began a roadshow Monday for $300 million of eight-year senior notes, according to a high yield market source.

Marketing will run through Wednesday, with pricing expected after that.

The notes will be sold via a public offering. They will be subject to a make-whole call at any time after issue and will carry a change-of-control put provision for redemption at 101% of principal. There will also be an equity clawback provision.

Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated and HSBC Securities (USA) Inc. will be bookrunners on the deal. Deutsche Bank Securities Inc., DNB NOR Markets, Goldman Sachs & Co. and ING will be co-managers.

Overseas Shipholding, a New York-based bulk shipping company which primarily transports crude oil and petroleum products, plans to use the deal proceeds to reduce its unsecured revolving credit facility debt.

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