OSG Closes USD 27.5 Mn Financing

MoneyIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Florida-based tanker shipping company Overseas Shipholding Group has closed a USD 27.5 million of financing from Wintrust Commercial Finance, a division of Wintrust Asset Finance Inc.

The facility was closed with two of the company’s subsidiaries. This loan is secured by first preferred ship mortgages on the Overseas Mykonos and Overseas Santorini, and a guaranty from OSG.

Dick Trueblood, OSG’s Chief Financial Officer, said that securing this financing “is one piece of our overall plan to refinance our term loan debt.”

“We’re proud to partner with OSG in providing capital for the refinance of the vessels,” Kirk Phillips, President and CEO of Wintrust Commercial Finance, added.

“The Overseas Mykonos and Overseas Santorini are the only two oil tankers that participate in the U.S. Maritime Security Program and this transaction gives us the flexibility to continue this participation,” Sam Norton, OSG’s Chief Executive Officer, said.

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