Overseas Shipholding working to refi $380 million term loan due 2019

By Devika Patel

Knoxville, Tenn., Aug. 9 – Overseas Shipholding Group, Inc. plans to refinance its $380 million term loan prior to maturity in August 2019.

“Our $380 million term loan matures on Aug. 5, 2019,” vice president and chief financial officer Richard Trueblood said on the company’s second quarter ended June 30 earnings conference call on Thursday.

“We began evaluating alternatives [in] early 2018 to refinance this loan.

“We are actively engaged in the process of refinancing this obligation, which we expect to successfully complete prior to maturity,” he said.

Second quarter 2018 adjusted EBITDA was $23.3 million, down 21.1% from $29.6 million in the second quarter 2017.

Total cash was $131.2 million as of June 30.

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

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