Overseas Shipholding Group Inc., which owns a fleet of crude oil tankers, said Monday it entered into a new $500 million senior secured term loan to finance the purchase of two vessels.
The vessels will be acquired by the joint venture company owned by Overseas Shipholding and Belgian shipper Euronav NV.
The vessels are scheduled to be delivered to Maersk Oil Qatar and to begin operations in July and September of 2009. They will be converted to floating storage offloading service vessels.
The credit facility was secured through by ING (nyse: IND - news - people ), Fokus Bank, Fortis Bank of Belgium, Sumitomo Mitsui Banking Corp. and BNP Paribas and Nordea.
Overseas shares jumped $9.39, or 24.7 percent, to $47.42 in afternoon trading.
The vessels will be acquired by the joint venture company owned by Overseas Shipholding and Belgian shipper Euronav NV.
The vessels are scheduled to be delivered to Maersk Oil Qatar and to begin operations in July and September of 2009. They will be converted to floating storage offloading service vessels.
The credit facility was secured through by ING (nyse: IND - news - people ), Fokus Bank, Fortis Bank of Belgium, Sumitomo Mitsui Banking Corp. and BNP Paribas and Nordea.
Overseas shares jumped $9.39, or 24.7 percent, to $47.42 in afternoon trading.