Overseas Shipholding Group in Return to Capital Markets

January 22, 2016

Cleary Gottlieb represented Overseas Shipholding Group in four concurrent tender offers and consent solicitations, pursuant to which OSG repurchased approximately $225 million of its outstanding notes due 2018, 2021 and 2024 and amended its indentures to give OSG the flexibility to enter into a spin-off, split-off, sale or other transaction with respect to its International Flag operations.

The tender offers and consent solicitations launched on December 2, 2015, with an early tender date of December 15, 2015 and final tender dates of December 30, 2015 and January 22, 2016.

Cleary also represented OSG in its 1-for-10 stock dividend and the listing of its Class A stock on the NYSE MKT. The stock dividend was paid on December 17, 2015 and OSG’s Class A stock began trading on the NYSE MKT on December 18, 2015.  The stock dividend allowed OSG to attain the minimum number of shares of Class A stock needed for a NYSE MKT listing.

Since October 2012, Cleary Gottlieb has represented OSG in its filing for and successful emergence from bankruptcy, the resolution of a significant tax matter with the IRS, and the restatement of its financial statements in connection with the bankruptcy and tax matter.

Overseas Shipholding Group, Inc. is a publicly traded tanker company providing energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in New York City, NY.