Overseas Shipholding Group Announces Off-Market Share Repurchase
28 8월 2023 - 9:45PM
Business Wire
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or
“OSG”) today announced that it has agreed to purchase 3,788,639
shares of the Company’s common stock from entities managed by Cyrus
Capital Partners, L.P. at a price of $4.05 per share for a total
consideration of $15,343,987.95 in a privately negotiated
transaction. The purchase is expected to be completed today and
will be paid out of OSG’s available cash. The closing price of OSG
common stock in composite trading on August 25, 2023 was $4.01. The
purchase is not part of the previously announced program to
purchase up to $20 million of OSG common stock.
Sam Norton, OSG’s President and CEO, stated, “The opportunity
offered to us by Cyrus Capital to acquire a meaningful block of OSG
shares presented an attractive means for continuing our commitment
to increasing shareholder value through our share repurchase
strategy. The price paid in this share purchase equates to an
enterprise value of roughly four times expected 2023 adjusted
EBITDA, an implied valuation that we believe represents a
compelling value. Through both open market purchases and
opportunistic off-market transactions such as the one to be
concluded today with Cyrus Capital, OSG has repurchased 16.76
million shares over the past fifteen months at an average price of
$3.33 per share.”
Mr. Norton added, “The recent success of our operations and the
duration of our current book of charter contracts has given OSG the
appropriate level of visibility to reasonably expect a steady
stream of cash flows from both our specialized and conventional
trading businesses for the foreseeable future. The repurchase of
shares at attractive prices is but one of several options for
utilizing excess cash that our Board of Directors continuously
reviews, and we look forward to reporting on future cash deployment
opportunities in the quarters ahead.”
About Overseas Shipholding Group, Inc
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly
traded company providing liquid bulk transportation services in the
energy industry for crude oil and petroleum products in the U.S.
Flag markets. OSG is a major operator in the Jones Act industry and
in the Tanker Security Program. OSG’s U.S. Flag fleet consists of
Suezmax crude oil tankers doing business in Alaska, conventional
and lightering ATBs, shuttle and conventional MR tankers, and
non-Jones Act MR tankers that participate in the U.S. Tanker
Security Program and for the Military Sealift Command.
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 Tampa, FL. More information is
available at www.osg.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts
should be considered forward-looking statements, including but not
limited to words such as “may”, “will”, “intends”, “plans”,
“expects” and similar expressions. Such forward-looking statements
represent the Company’s reasonable expectations with respect to
future events or circumstances based on various factors and are
subject to various risks, uncertainties, and assumptions relating
to the Company’s operations, financial results, financial
condition, business, prospects, growth strategy and liquidity.
Undue reliance should not be placed on any forward-looking
statements and, when reviewing any forward-looking statements,
investors should carefully consider factors including, but not
limited to, those risk factors discussed in the Company’s Annual
Report on Form 10-K and in the Company’s subsequently filed
Quarterly Reports on Form 10-Q filed with the SEC. The Company
assumes no obligation to update or revise any forward-looking
statements except as may be required by law. Forward-looking
statements in this press release and written and oral
forward-looking statements attributable to the Company or its
representatives after the date of this press release are qualified
in their entirety by the cautionary statement contained in this
paragraph and in other reports hereafter filed by the Company with
the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20230828480941/en/
Investor Relations & Media Contact: Susan Allan,
Overseas Shipholding Group, Inc. (813) 209-0620 sallan@osg.com
Overseas Shipholding (NYSE:OSG)
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Overseas Shipholding (NYSE:OSG)
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