OSG Announces Record Date For Spin-Off Of International Flag Business

Overseas Shipholding Group, Inc. (NYSE:OSG) today announced the record date for the previously announced spin-off of its International flag business. The spin-off will separate the international and domestic businesses of OSG into two independent, publicly traded companies: Overseas Shipholding Group and International Seaways ("INSW"), (formerly known as OSG International, Inc.).

The spin-off is expected to be effective as of 5:00 p.m. on Nov. 30, 2016, the distribution date for the spin-off, with 100 percent of the shares of International Seaways distributed to OSG shareholders and warrantholders. OSG shareholders will receive 0.3333 shares of International Seaways common stock for every one share of OSG common stock held at 5:00 p.m. on November 18, 2016, the record date for the spin-off. For each OSG warrant held on the record date, OSG warrantholders will receive 0.3333 shares of INSW common stock for every one share of OSG common stock they would have received if they exercised those warrants immediately prior to the distribution date (or approximately 0.06332 INSW shares per warrant). OSG shareholders and warrantholders will receive cash in lieu of any fractional shares.

International Seaways has received authorization to list its shares on the New York Stock Exchange (NYSE) under the symbol "INSW." OSG expects that a "when-issued" public trading market for International Seaways common stock will begin on the NYSE on or about November 16, 2016, under the symbol "INSW WI" and will continue through the distribution date. International Seaways common stock is expected to begin "regular way" trading on the NYSE on December 1, 2016, the first trading day following the distribution date.

No action is required by OSG shareholders or warrantholders to receive shares of International Seaways common stock in the spin-off. Beginning on or about November 16, 2016, through the distribution date, it is expected that there will be two ways to trade OSG common stock - either with or without the right to receive International Seaways common stock in the spin-off. Investors are encouraged to consult with their broker and financial and tax advisors regarding the specific implications of buying or selling OSG common stock on or before the distribution date.

If you liked this article you might like

'Mad Money' Lightning Round: Skip Cabela's, Buy Tech Stocks

Jim Cramer's 'Mad Money' Recap: Here's Where Money Can Still Be Made

Academic Research Reveals Strong Stocks

Academic Research Reveals Strong Stocks

Ex-Dividends To Watch: 3 Stocks Going Ex-Dividend Tomorrow: OSG, BWG, GHY

5 Stocks Under $10 Soaring Higher