Overseas Shipholding Group,Inc (NYSE: OSG) records that it has actually shut on a $49,150,000 funding for a regard to 7 years. OSG’s subsidiaries, OSG 205 LLC and also OSG Courageous II LLC, acquired the funding to fund one brand-new 204,000 barrel UNITED STATE flag oil and also chemical ATB barge, the OSG 205, and also to re-finance the yank to which the barge is being matched, the OSG Courageous.
The barge is being constructed by the Greenbriar Marine shipyard, Portland, Ore., and also is readied to be supplied in the following couple of weeks. As component of the funding, the loan provider got a security task of the vessel building and construction agreement for the barge and also, on shipment of the barge, the loan provider will certainly hold an improved initial concern safety and security rate of interest and also chosen ship home mortgage. The loan provider additionally holds an improved initial concern safety and security rate of interest and also chosen ship home mortgage versus the yank. The funding is ensured by OSG.
Dick Trueblood, OSG’s Vice President and also Chief Financial Officer mentioned, “We are very pleased to have completed the financing of the OSG 205 and the tug OSG Courageous, and particularly for the incredibly smooth and efficient execution of the transaction during a continued period of market volatility.”
Sam Norton, President and also Chief Executive Officer of OSG commented, “The transaction marks an important milestone in completing the construction and delivery of the second of two barges built for OSG at the Greenbriar Marine shipyard. All complex projects require the contribution of multiple partners to achieve success, and we are pleased to have teamed up with our financing partner and Greenbriar in providing the necessary resources to bring this project to fruition. With delivery of the barge imminent, we look forward to commencing service under a one year time charter early next month and to continuing our focus on providing safe, reliable and environmentally responsible transportation services to our customers.”
