Overseas Shipholding amends loan, increasing size, adding members to bank group

By Sara Rosenberg

New York, May 16 - Overseas Shipholding Group Inc. amended its seven-year credit facility, increasing the size to $1.8 billion from $1.5 billion and adding Lloyds TSB Bank plc and Royal Bank of Scotland as additional lead arrangers on the deal, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

In addition, under the amendment, after five years, the facility size reduces by $150 million and after six years, the facility size reduces by another $150 million.

DnB NOR Bank ASA is the administrative agent on the deal.

The amendment was completed on May 10.

Overseas Shipholding is a New York-based independent bulk shipping company.

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