Edition:
United States

Overseas Shipholding says Closing Of Term Loan Credit Facility Refinancing


Monday, 24 Dec 2018 10:52am EST 

Dec 24 (Reuters) - Overseas Shipholding Group Inc ::OVERSEAS SHIPHOLDING GROUP, INC. ANNOUNCES CLOSING OF TERM LOAN CREDIT FACILITY REFINANCING.CLOSED ON A FIVE-YEAR $325 MILLION TERM LOAN CREDIT FACILITY.UNITS OBTAINED NEW LOAN FACILITY TO REFINANCE, REPLACE EXISTING TERM LOAN FACILITY WITH JEFFERIES FINANCE CERTAIN OTHER LENDERS.NEW TERM LOAN REFINANCING BEARS INTEREST AT AN ANNUAL RATE EQUAL TO PREVAILING 30-DAY LIBOR PLUS A MARGIN OF 500 BASIS POINTS.NEW TERM LOAN REFINANCING IS SECURED BY ISSUED AND OUTSTANDING STOCK OF OBS.ALSO AMENDED ITS $75 MILLION SECURED ASSET-BASED REVOLVING LOAN FACILITY WITH WELLS FARGO BANK, N.A..AMENDMENT REDUCED MAXIMUM CREDIT LINE AVAILABLE UNDER WELLS FARGO LOAN FACILITY, EXTENDED TERM THROUGH AUGUST 2, 2019.AMENDMENT ALSO REDUCED NUMBER OF VESSELS SERVING AS COLLATERAL FOR OBS ABL FACILITY.. 

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24 May 2019