OSG America stock priced
The initial public offering of partnership units in OSG America L.P., a U.S.-flag tanker and tank barge spin-off from Overseas Shipholding Group, has been priced at $19 per unit.
The company said it will sell 7.5 million partnership units and underwriters will have the option to purchase up to nearly 1.23 million units to cover overallotments.
OSG America L.P. will own and operate a fleet of 18 U.S.-flag product carriers and barges that principally transport refined petroleum products.
A wholly owned subsidiary of Overseas Shipholding Group, OSG America will be the sole general partner of the partnership and have a 2 percent general partner interest, as other subsidiaries of OSG hold a 73.5 percent limited partnership interest. The common units will be listed on the New York Stock Exchange under the symbol “OSP.”