OSG America Sets Price Range of Initial Public Offering

OSG America, a limited partnership formed by Overseas Shipholding to transport refined petroleum products, expects its initial public offering of 7.5 million common units to be priced between $19 and $21 per common unit.

The company has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 common units from us at the public offering price, less the underwriting discount, to cover over-allotments, if any.

OSG America intends to use the net proceeds of this offering to satisfy its obligation to reimburse Overseas Shipholding Group (OSG) for approximately $136.5 million of capital expenditures incurred in the 24 months prior to this offering to improve the assets being contributed to the company by OSG.