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Overseas Shipholding $900 million loan priced at Libor plus 275 bps
By Sara Rosenberg
New York, June 2 - Overseas Shipholding Group Inc.'s $900 million unsecured forward-start revolving credit facility due Dec. 31, 2016 is priced at Libor plus 275 basis points, according to an 8-K filed with the Securities and Exchange Commission on Thursday.
The company can start drawing on the revolver on Feb. 8, 2013, which is when the existing revolver expires.
There is a $350 million accordion feature.
DnB NOR Bank ASA, Swedbank AB, Citibank, ING Bank NV and HSBC Bank plc acted as the lead arrangers on the deal that was completed on May 26, with DnB, Swedbank and Citibank the bookrunners. Credit Agricole Corporate and Investment Bank and Morgan Stanley Senior Funding Inc. were co-arrangers.
Overseas Shipholding is a New York-based provider of energy transportation services.
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