OSG Closes Maritrans Buy
Wednesday, November 29, 2006
Overseas Shipholding Group completed its purchase of Maritrans.
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.
Source: The Street