|OSG Announces Approximately 5,656,757 Common Units of OSG America L.P. Have Been Accepted for Purchase|
OSG Now Owns More than 80% of Outstanding Units Allowing Commencement of Subsequent Offering Period and Exercise of Repurchase Right for Remaining Units Not Tendered
The number of Units validly tendered in the initial offering period satisfies the non−waivable condition that more than 4,003,166 Units be validly tendered, such that OSG owns more than 80% of the outstanding Units, and OSG intends to exercise its right pursuant to Section 15.01 of the amended and restated limited partnership agreement of the Partnership (the “Partnership Agreement”) to purchase all of the remaining Units that were not tendered in the Offer and remain outstanding on
OSG Bulk has also commenced a subsequent offering period to purchase all Units that continue to remain outstanding. The subsequent offering period will expire at
The procedures for tendering Units during the subsequent offering period will be the same as during the initial offering period, including that Unitholders may use the same Letter of Transmittal and Notice of Guaranteed Delivery that were applicable during the initial offering period. Pursuant to rule 14d-7(a)(2) under the Securities Exchange Act, as amended, Units tendered during the subsequent offering period may not be withdrawn.
Upon expiration of the subsequent offering period and exercise of the Repurchase Right, OSG will own all of the economic interests of the Partnership and will be entitled to all of the benefits resulting from those interests. In addition, the Units will cease to be listed on the
NOTICE FOR OSG AMERICA UNITHOLDERS:
This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell Units. Holders of Units are advised to read the combined Tender Offer Statement on Schedule TO and Transaction Statement on Schedule 13E-3, as amended, the Offer to Purchase, OSG America’s Solicitation/Recommendation Statement on Schedule 14D-9 and other documents relating to the tender offer that have been or will be filed with the
This release contains forward-looking statements regarding OSG's prospects and the impact this may have on OSG and prospects of OSG’s strategy of being a market leader in the segments in which it competes. Factors, risks and uncertainties that could cause actual results to differ from the expectations reflected in these forward-looking statements are described in OSG’s Annual Report for 2008 on Form 10-K.
OSG Ship Management, Inc.