OSG gains financing

Nov 30 2018


Two subsidiaries of Overseas Shipholding Group (OSG) have closed a $27.5 mill finance deal with Wintrust Commercial Finance, a division of Wintrust Asset Finance.

The facility was agreed and is secured by first preferred ship mortgages on the 2010- built MR sisters ‘Overseas Mykonos’ and ‘Overseas Santorini’, and an OSG guarantee.

 

“The ‘Overseas Mykonos’ and ‘Overseas Santorini’ are the only two oil tankers that participate in the US Maritime Security Programme and this transaction gives us the flexibility to continue this participation,” Sam Norton, OSG’s CEO, said.

 

“We are very pleased to have completed this financing, as anticipated and discussed in our earnings call on 9th November,” added Dick Trueblood, OSG’s CFO. “Securing this financing is one piece of our overall plan to refinance our term loan debt. We appreciate working with the team at Wintrust in putting this deal together.”

 

“We’re proud to partner with OSG in providing capital for the refinance of the vessels,” said Kirk Phillips, President and CEO of Wintrust Commercial Finance. “Our team led by Garrett Wilkins, Justin Piot, and Joe Gensor demonstrated Wintrust Commercial Finance’s understanding of the industry and commitment to working closely with our customers in meeting their unique financing needs and building long term relationships.”

 



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October 2018

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