August 10, 2007
OSG America L.P. files IPO registration statement
Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that a registration statement has been filed with the Securities and Exchange Commission for the proposed initial public offering by OSG America L.P. of 7,500,000 common units representing a 22.8% limited partner interest in the partnership.
In the filing with the SEC, OSG America L.P describes itself as follows:
OSG America L.P. has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 common units at the public offering price, less the underwriting discount, to cover any over-allotments.
OSG America L.P. intends to use the net proceeds of the offering to pay OSG approximately $136.5 million in cash.
Immediately following completion of the public offering, OSG will hold a 75.2% limited partner interest in OSG America L.P. and a 2% general partner interest through its ownership of the general partner of the partnership. If the underwriters exercise their over-allotment option in full, OSG's resulting limited partner interest will be 73.2%.
Citi and UBS Investment Bank are acting as joint bookrunning managers of the offering, and Merrill Lynch & Co. is acting as joint lead manager.
The proposed public offering will be made only by means of a prospectus. Once available, a copy of the prospectus may be obtained from Citigroup Global Markets Inc., Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, telephone: 800-831-9146, or by email at [email protected], or from UBS Securities LLC, 299 Park Avenue, Prospectus Department, New York, NY 10171, telephone 212-821-3000.