Overseas Shipholding subsidiary completes offer for OSG America units

By Lisa Kerner

Charlotte, N.C., Dec. 17 - Overseas Shipholding Group, Inc. said approximately 267,419 common units of OSG America LP were validly tendered and accepted for purchase in OSG Bulk Ships, Inc.'s subsequent offering period that ended on Wednesday.

OSG Bulk Ships is a wholly owned subsidiary of Overseas Shipholding.

OSG Bulk planned to exercise its right to purchase the remaining 1,077,639 units outstanding on Thursday.

As previously reported, OSG Bulk accepted for purchase approximately 5,656,757 common units of OSG America in the original $10.25-per-unit offer that ended Dec. 5.

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

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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