International Seaways talks $50 million $25-par senior notes in 8.5% area

By James McCandless

San Antonio, May 23 – International Seaways, Inc. plans to price $50 million of $25-par senior notes due 2023 with a coupon in the 8.5% area, a market source said.

The deal was announced Wednesday morning and may be upsized, the source said.

Morgan Stanley, Jefferies and Stifel are the joint bookrunners.

B. Riley FBR is the co-manager.

The notes will be callable after two years at par.

International Seaways plans to use the proceeds to fund the acquisition of VLCC tankers from Euronav NV, to repay a portion of its outstanding credit facility and for general corporate purposes.

The company intends to list the notes on the New York Stock Exchange.

International Seaways is a New York City-based oil and petroleum shipping company.

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