Overseas Shipholding closes $325 million seven-year refinancing loan

By Marisa Wong

Los Angeles, Oct. 4 – Overseas Shipholding Group, Inc. announced it closed on a $325 million seven-year term loan credit facility with Stonebriar Commercial Finance.

Proceeds were used to refinance and replace an existing term loan facility with Prudential Insurance Co. of America as administrative agent and an existing term loan with Wintrust Commercial Finance, as well as to partially refinance a term loan with Banc of America Leasing & Capital, LLC. The remaining proceeds, after transaction costs, will be used for general working capital purposes.

“We are very pleased to have completed this major refinancing that lengthens our maturity profile and provides a significant increase to the company’s liquidity position,” Dick Trueblood, the company’s vice president and chief financial officer, said in a press release.

“[The company] now has no scheduled debt maturities until September 2024.”

Tampa, Fla.-based Overseas Shipholding provides energy transportation services for crude oil and petroleum products.

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