Overseas Shipholding Group (OSG) has acquired some fresh debt to take care of some old debt.
The Jones Act player closed on a five-year $325m term loan credit facility with Prudential Insurance and other lenders to repay debt owed to Jefferies Finance through a term loan.
The new loan's annual interest rate is equal to current 30-day Libor plus 5% and secured by OSG Bulk Ships stock.
