Cleary Gottlieb represented International Seaways Inc. (International Seaways) in its acquisition of two 2014-built and four 2015-built MR Product Carriers for an aggregate consideration of approximately $232 million, payable 85% in cash and 15% in shares of International Seaways common stock, which are being issued as a private placement to Wayzata Opportunities Fund III L.P. (Wayzata) pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
The shares were subsequently registered for resale on a shelf registration statement that will allow Wayzata to sell its shares on an ongoing basis. The automatically effective shelf was filed with the SEC on April 29, 2024. Each of the six vessel purchases is subject to satisfaction of closing conditions customary for vessel purchases, and the vessels are expected to be delivered to International Seaways by the end of the second quarter of 2024.
International Seaways is engaged in the ownership and operation of a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products around the world. International Seaways commenced operations through its predecessor company in 2016 and currently owns and operates a fleet of approximately 73 vessels.