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Wintrust CF Provides $27.5MM Financing to OSG Subsidiaries

November 28, 2018, 07:20 AM
Filed Under: Transportation

Overseas Shipholding Group, Inc. (OSG), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, announced two subsidiaries have closed on a financing from Wintrust Commercial Finance, a division of Wintrust Asset Finance Inc., in the amount of $27,500,000.

 This loan is secured by first preferred ship mortgages on the Overseas Mykonos and Overseas Santorini, and a guaranty from OSG.

“We are very pleased to have completed this financing, as anticipated and discussed in our earnings call on November 9,” said Dick Trueblood, OSG’s Chief Financial Officer. “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.”

Sam Norton, OSG’s Chief Executive Officer, said, “The Overseas Mykonos and Overseas Santorini are the only two oil tankers that participate in the U.S. Maritime Security Program and this transaction gives us the flexibility to continue this participation.”

OSG is a major operator of tankers and ATBs (articulated tug barges) in the Jones Act industry. OSG’s 22 active vessel U.S. Flag fleet consists of six ATBs, two lightering ATBs, three shuttle tankers, nine MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG has its headquarters in Tampa, FL.

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