Overseas Shipholding Group Announces Extension of Expiration Date of Tender Offer & Consent Solicitation for Its 7.50% Senior...
05 Gennaio 2016 - 2:58PM
Business Wire
Overseas Shipholding Group, Inc. (NYSE MKT: OSG, OSGB) (the
“Company” or “OSG”) today announced the extension of the previously
announced tender offer (the “Tender Offer”) for any and all of its
7.50% Senior Notes due 2024 (the “Notes”) and the solicitation of
consents (“Consents”) from registered holders of the Notes (the
“Consent Solicitation”) to amend the indenture governing the Notes
to affirm that for the purposes of the restriction in such
indenture on the Company’s ability to dispose of assets, the
Company’s international operations, held through its subsidiary OSG
International, Inc., do not constitute substantially an entirety of
the Company’s assets.
The Tender Offer and the Consent Solicitation have been extended
by ten days until 11:59 p.m., New York City time, on January 14,
2016. The Tender Offer and the Consent Solicitation were previously
scheduled to expire at 11:59 p.m., New York City time, on January
4, 2016. Except as described herein, the terms of the Tender Offer
and the Consent Solicitation remain unchanged.
The terms and conditions of the Tender Offer and the Consent
Solicitation are described in the Company’s Offer to Purchase and
Consent Solicitation Statement, dated December 2, 2015 (the
“Statement”), and the Letter of Transmittal and Consent attached
thereto, which set forth the complete terms of the Tender Offer and
Consent Solicitation.
As of 11:59 p.m., New York City time, on January 4, 2016,
$204,000 in aggregate principal amount, or approximately 29.82%, of
the Notes outstanding, excluding any outstanding Notes held by the
Company or its affiliates, has been validly tendered and not
validly withdrawn. As of such time, holders of an additional $2,000
in aggregate principal amount, or approximately 0.29%, of the Notes
outstanding, excluding any outstanding Notes held by the Company or
its affiliates, have provided Consents that have been validly
delivered and not validly revoked in the Consent Only Option (as
defined in the Statement).
Jefferies LLC is serving as the Dealer Manager for the Tender
Offer and Solicitation Agent for the Consent Solicitation. For
additional information regarding the terms of the Tender Offer and
the Consent Solicitation, please contact: Jefferies LLC at (888)
708-5831 (toll-free) or (203) 363-8273 (collect). Requests for
documents may be directed to Ipreo LLC, which is acting as
Information Agent and Depositary for the Tender Offer and the
Consent Solicitation, at (888) 593-9546 (toll-free).
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT
AN OFFER TO PURCHASE, A SOLICITATION OF AN OFFER TO PURCHASE OR A
SOLICITATION OF CONSENT WITH RESPECT TO ANY SECURITIES. THE TENDER
OFFER AND THE CONSENT SOLICITATION IS BEING MADE SOLELY PURSUANT TO
THE STATEMENT AND RELATED LETTER OF TRANSMITTAL AND CONSENT, WHICH
SET FORTH THE COMPLETE TERMS OF THE TENDER OFFER AND CONSENT
SOLICITATION WHICH HOLDERS OF THE NOTES SHOULD CAREFULLY READ PRIOR
TO MAKING ANY DECISION.
THE TENDER OFFER AND THE CONSENT SOLICITATION ARE NOT BEING MADE
TO HOLDERS OF NOTES IN ANY JURISDICTION IN WHICH THE MAKING OF OR
ACCEPTANCE OF THE TENDER OFFER OR THE CONSENT SOLICITATION WOULD
NOT BE IN COMPLIANCE WITH THE LAWS OF SUCH JURISDICTION. THE
COMPANY EXPRESSLY RESERVES THE RIGHT, SUBJECT TO APPLICABLE LAW, TO
TERMINATE THE TENDER OFFER AND THE CONSENT SOLICITATION.
About OSG
Overseas Shipholding Group, Inc. (NYSE MKT: OSG, OSGB) is a
publicly traded tanker company providing energy transportation
services for crude oil and petroleum 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. OSG is recognized as one of the world’s most
customer-focused marine transportation companies and is
headquartered in New York City, NY. More information is available
at www.osg.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition,
the Company may make or approve certain statements in future
filings with the Securities and Exchange Commission (“SEC”), in
press releases, or in oral or written presentations by
representatives of the Company. All statements other than
statements of historical facts should be considered forward-looking
statements. These matters or statements may relate to the Company’s
plans to accept for purchase Notes tendered in the Tender Offer, to
make any payments pursuant to the terms of the Tender Offer and the
Consent Solicitation and to amend the indenture governing the
Notes. Forward-looking statements are based on the Company’s
current plans, estimates and projections, and are subject to change
based on a number of factors. Investors should carefully consider
the risk factors outlined in more detail in the Company’s Annual
Report for 2014 on Form 10-K under the caption “Risk Factors” and
in similar sections of other filings made by the Company with the
SEC from time to time. The Company assumes no obligation to update
or revise any forward-looking statements. Forward-looking
statements and written and oral forward looking statements
attributable to the Company or its representatives after the date
of this release are qualified in their entirety by the cautionary
statements contained in this paragraph and in other reports
previously or hereafter filed by the Company with the SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20160105005985/en/
Investor Relations & Media:Overseas Shipholding
Group, Inc.Brian Tanner, 212-578-1645btanner@osg.com
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