Wintrust Commercial Finance closed $27.5 million in financing for subsidiaries of Overseas Shipholding Group (OSG), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets.
The loan was secured by first preferred ship mortgages on the Overseas Mykonos and Overseas Santorini and a guaranty from OSG.
“We are very pleased to have completed this financing, as anticipated and discussed in our earnings call on November 9,” said Dick Trueblood, OSG chief financial officer. “Securing this financing is one piece of our overall plan to refinance our term loan debt. We appreciate working with the team at Wintrust in putting this deal together.”
“We’re proud to partner with OSG in providing capital for the refinance of the vessels,” stated Kirk Phillips, president and CEO of Wintrust Commercial Finance. “Our team led by Garrett Wilkins, Justin Piot, and Joe Gensor demonstrated Wintrust Commercial Finance’s understanding of the industry and commitment to working closely with our customers in meeting their unique financing needs and building long term relationships.”
Sam Norton, OSG CEO, added, “The Overseas Mykonos and Overseas Santorini are the only two oil tankers that participate in the U.S. Maritime Security Program and this transaction gives us the flexibility to continue this participation.”