Overseas Shipholding Group, Inc. announced that common units accepted for purchase in the subsequent offering period by its wholly owned subsidiary OSG Bulk Ships, Inc.
Overseas Shipholding Group, Inc., a market leader in providing energy transportation services, yesterday announced that as of 5:00 p.m., NYC time, on December 16, 2009, approximately 267,419 common units (the ?Units?) of OSG America L.P. (?OSG America? or the ?Partnership?; NYSE: OSP), were validly tendered and accepted for purchase in the subsequent offering period by its wholly owned subsidiary, OSG Bulk Ships, Inc. (?OSG Bulk?). OSG Bulk has made payment to BNY Mellon Shareowner Services, which is acting as the Depositary in connection with the tender offer and subsequent offering period, for the accepted Units.
At 5:00 p.m. on December 17, 2009, OSG Bulk will purchase the remaining 1,077,639 Units outstanding and not owned already owned by OSG"s subsidiaries through exercise of its repurchase right pursuant to Section 15.01 of the amended and restated limited partnership agreement of the Partnership.
OSG"s subsidiaries will then own all of the economic interests of the Partnership and will be entitled to all of the benefits resulting from those interests. In addition, the Units will be delisted from the New York Stock Exchange and will no longer be publicly traded.
Overseas Shipholding Group, Inc., a Dow Jones Transportation Index company, is one of the largest publicly traded tanker companies in the world. As a market leader in global energy transportation services for crude oil, petroleum and gas products in the U.S. and International Flag markets, OSG is committed to setting high standards of excellence for its quality, safety and environmental programs.