Overseas Shipholding To Repurchase Around $15 Mln Of Shares From Cyrus Capital

(RTTNews) - Overseas Shipholding Group, Inc. (OSG), Monday announced that it has agreed to repurchase $15,343,987.95 worth of common stock from Cyrus Capital Partners, L.P. in a privately negotiated transaction.

The company will purchase around 3,788,639 shares at a price of $4.05 per share. The transaction will be funded by the cash balances of the firm.

The closing price of OSG common shares in composite trading was $4.01 on August 25.

As per the company, the price paid in this repurchase equates to an enterprise value of roughly four times the expected 2023 adjusted EBITDA.

"The purchase is not part of the previously announced program to purchase up to $20 million of OSG common stock," OSG said in a statement.

In pre-market, shares of OSG are trading at $4.11 up by 2.49% on the New York Stock Exchange.