Overseas Shipholding subsidiary begins subsequent offer for OSG units

By Lisa Kerner

Charlotte, N.C., Dec. 7 - Overseas Shipholding Group, Inc. said its wholly owned subsidiary, OSG Bulk Ships, Inc., accepted for purchase approximately 5,656,757 common units of OSG America LP in the $10.25-per-unit offer that ended on Friday.

The total includes units delivered through notices of guaranteed delivery, an Overseas Shipholding news release said.

OSG Bulk has made payment to BNY Mellon Shareowner Services, the depositary in connection with the tender offer, for the accepted units.

A subsequent offer for the remaining units at the same per-unit price ends at 5 p.m. ET on Dec. 16.

According to Overseas Shipholding, the number of validly tendered units in the initial offer satisfies the condition that more than 4,003,166 units be validly tendered, such that OSG Bulk owns more than 80% of the outstanding units.

OSG Bulk will exercise its right to purchase all of the remaining OSG America units that were not tendered and remain outstanding on Dec. 17, the release said.

Overseas Shipholding is a New York-based tanker company.

Tampa, Fla.-based OSG America operates U.S. flag product carriers and barges for transporting refined petroleum products.

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