By Paul A. Harris
St. Louis, March 4 - In a quick-to-market transaction Overseas Shipholding priced $200 million of 8¼% senior notes due March 15, 2013 (Ba1/BB+) at 99.16 on Tuesday to yield 8 3/8%, according to a syndicate source.
Price talk was for a yield of 8¼%-8½%
Goldman Sachs & Co. was bookrunner.
Proceeds from the Rule 144A notes will be used to repay bank debt.
The New York City-based firm operates oceangoing bulk cargo vessels registered in the U.S. and in a number of other countries.
Issuer: Overseas Shipholding
| Amount: | $200 million
|
| Maturity: | March 15, 2013
|
| Security description: | Senior notes
|
| Bookrunner: | Goldman Sachs
|
| Coupon: | 8¼%
|
| Price: | 99.16
|
| Yield: | 8 3/8%
|
| Spread: | 473 basis points
|
| Call features: | Callable on March 15, 2008 at 104.125, then at 102.75, 101.375, declining to par on March 15, 2011 and thereafter
|
| Settlement date: | March 7, 2003 |
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Rule 144A Cusip: | 690368AE5
|
| Price talk: | 8¼%-8½%
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