Overseas Shipholding Group, Inc. Announces Public Offering of Common Stock.
Overseas Shipholding Group, Inc., announced yesterday that it has agreed to sell 3,500,000 shares of its common stock in an underwritten public offering. The last reported sale price of its common stock on March 4, 2010 was $46.99 per share. OSG intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, capital expenditures and working capital. OSG may use a portion of the net proceeds from this offering to pay down certain of its existing debt, including its revolving credit facilities, but has not yet determined the amount of net proceeds, if any, to be used for this purpose. Closing of the offering is expected to occur on or about March 10, 2010, subject to customary closing conditions.
Goldman, Sachs & Co. is acting as the sole underwriter for the offering.