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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of the
Securities
Exchange Act of 1934
August
28, 2023
Date
of Report (Date of earliest event reported)
Overseas
Shipholding Group, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-06479 |
|
13-2637623 |
(State
of
Incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
Two
Harbor Place
302
Knights Run Avenue, Suite 1200
Tampa,
Florida 33602
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (813) 209-0600
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Class
A Common Stock (par value $0.01 per share) |
|
OSG
|
|
NYSE |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
8.01 Other Events
On
August 28, 2023, Overseas Shipholding Group, Inc. announced that it had 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, or a total of $15,343,987.95.
Item
9.01 Financial Statements and Exhibits
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, OSG has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
OVERSEAS
SHIPHOLDING GROUP, INC. |
|
(Registrant) |
|
|
|
Date:
August 29, 2023 |
By: |
/s/
Richard Trueblood |
|
|
Richard
Trueblood |
|
|
Vice
President, Chief Financial Officer |
EXHIBIT
INDEX
Exhibit
99.1
Overseas
Shipholding Group
Announces
Off-Market Share Repurchase
Tampa,
FL –August 28, 2023 – 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.
Investor
Relations & Media Contact:
Susan
Allan, Overseas Shipholding Group, Inc.
(813)
209-0620
sallan@osg.com
Source:
Overseas Shipholding Group, Inc.
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