Overseas Shipholding prepays $75 million term loan, amends facilities

By Angela McDaniels

Tacoma, Wash., Sept. 26 – Overseas Shipholding Group, Inc. amended the credit agreement for its secured term loan and revolving credit facility on Sept. 20, and OSG International, Inc. was required to prepay $75 million of the term loan in connection with the amendment.

According to an 8-K filing with the Securities and Exchange Commission, the amendment

• Permits OSG International to dividend up to $100 million to Overseas Shipholding prior to Oct. 14;

• Reduces the amount of incremental term loans and incremental revolving loans that may be obtained under the credit agreement to $200 million and alters some conditions for providing such incremental loans; and

• Increases the amount of certain investments OSG International and its subsidiaries may make.

Jefferies Finance LLC is the administrative agent.

Overseas Shipholding is a New York-based tanker company.

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