International Seaways to launch $50 million add-on term loan Tuesday

By Sara Rosenberg

New York, June 17 – International Seaways Operating Corp. will hold a lender call on Tuesday morning to launch a $50 million add-on term loan, according to a market source.

Jefferies LLC is the lead bank on the deal.

Pricing on the add-on term loan is Libor plus 550 basis points with a 1% Libor floor, in line with existing term loan, and the new debt is talked with an original issue discount of 98, the source said.

Proceeds will be used to help fund the acquisition of two Suezmax tankers.

Commitments are due on Thursday, the source added.

International Seaways is a New York-based tanker company.

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