Overseas Shipholding launches $380 million loan at Libor plus 575 bps

By Sara Rosenberg

New York, Feb. 8 – Overseas Shipholding Group Inc. launched on its lender call on Thursday a $380 million senior secured term loan due August 2022 that is talked at Libor plus 575 basis points with a 1% Libor floor, according to a market source.

The term loan has soft call protection of 102 in year one and 101 in year two, and amortization of 1% per annum, the source said.

Proceeds will be used to amend and extend an existing term loan that will be paid down by $75 million from its current size of $455 million.

Lenders are being offered a 50 bps amendment fee, the source continued.

Goldman Sachs Bank USA is the bookrunner on the deal.

Commitments are due at noon ET on Feb. 15, the source added.

Overseas Shipholding is a Tampa, Fla.-based provider of transportation services for crude oil and refined products.

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