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Zero charter rates confirmed today as dry-cargo pain intensifies.
OSG hunts $300m more
Morten Arntzen.
Overseas Shipholding Group is aiming to take its March fundraising past the $450m mark after revealing plans for a huge notes issue.
Morten Arntzen’s OGS wants to sell $300m worth of notes to help pay back a loan, it tells investors Monday.
Citi Group, Morgan Stanley and HSBC are taking charge of the offering which comes less than two weeks after OSG pocketed $158m from an equity issue.
OSG’s debt stood at $1.8bn at the close of 2009, with $522m to pay on its newbuilding orderbook.
It had $525m in cash and investments at the end of last year when its liquidity stood at $1.6bn.
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