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Overseas Shipholding Group hopes for second time lucky in $100m IPO

Overseas Shipholding Group hopes for second time lucky in $100m IPO

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Athens: Overseas Shipholding Group (OSG) plans to raise $100m through an initial public offering (IPO) of shares on the New York Stock Exchange (NYSE). No pricing terms have been disclosed.

The New York-based oil tanker operator filed for bankruptcy in 2012, but was revived in August 2014 with $1.51bn in funding from a consortium of 10 different private equity firms.

OSG plans to commence trading on the NYSE under OSG, the same ticker symbol it used when it first listed on the exchange in 1970 until the time of its bankruptcy.

Goldman Sachs and Jefferies are the joint bookrunners on the deal.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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