OSG raises $115 million in new equity
New York-based tanker-shipping operator Overseas Shipholding Group, Inc. has sold 3.2 million shares of its common stock to Morgan Stanley & Co. Inc., raising about $115 million net after deducting offering expenses.
The company said it will use the net proceeds “for general corporate purposes.”
Overseas Shipholding Group, which filed a registration statement with the U.S. Securities and Exchange earlier this month to raise up to $500 million of debt and stock, said the latest sale was being made pursuant to the registration statement.
Overseas Shipholding Group also said today that certain shareholders of the company intend to sell to Morgan Stanley 1.6 million shares on the same terms as the company. For the latter sale, the company will not receive any of the proceeds from the sale of shares.