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OSG Closes Maritrans Buy

It pays $471 million.

Overseas Shipholding Group

(OSG) - Get Overseas Shipholding Group, Inc. Class A Report

completed its purchase of


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Each outstanding share of Maritrans' common stock was converted into the right to receive $37.50 a share in cash. Based on 12.0 million shares outstanding and the assumption of net debt outstanding as of Sept. 30, the transaction is valued at $471 million, the company said.

The company financed the acquisition with borrowings under its revolving credit agreement and intends to repay up to $300 million of this amount from qualified withdrawals under its capital construction fund.

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