Overseas Shipholding Group plans to offer US$300M in senior notes due in 2018 to pay down other debt

NEW YORK , March 22, 2010 () – Overseas Shipholding Group Inc. said on Monday that it plans to offer $300 million in senior notes due in 2018.

The New York-based tanker company said it would use the money to pay down other debt, including its unsecured revolving line of credit.

Earlier this month, the company reported a fourth-quarter loss of $23.2 million. The performance during the final three months of the fiscal year topped 2008 during the same period, when the company reported a loss of $79.5 million.

Joint book-runners for the offer announced Monday are Citigroup Global Markets Inc., Morgan Stanley & Co., and HSBC Securities (USA) Inc.

Overseas Shipholding shares fell 43 cents, or 1 percent, to $41.63.

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