Overseas Shipholding refinances with $325 million five-year loan

By Sarah Lizee

Olympia, Wash., Dec. 24 – Overseas Shipholding Group, Inc. closed on a $325 million five-year term loan credit facility with Prudential Insurance Co. of America and other syndicate lenders, according to a press release.

Subsidiary Overseas Bulk Ships, Inc. and some of its subsidiaries obtained the new loan to refinance and replace its existing term loan with Jefferies Finance LLC as administrative agent.

The new term loan bears interest at one-month Libor plus a margin of 500 basis points.

In connection with the refinancing, the company also amended its $75 million secured asset-based revolving loan facility with Wells Fargo Bank, NA by reducing the maximum credit line available and extending the term through Aug. 2, 2019.

The amendment also reduced the number of vessels serving as collateral for the revolver.

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

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