International Seaways Enters Material Agreement
Ticker: INSW · Form: 8-K · Filed: Sep 26, 2025 · CIK: 1679049
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: INSW
TL;DR
INSW just signed a big deal, creating new financial obligations.
AI Summary
International Seaways, Inc. entered into a material definitive agreement on September 23, 2025. This agreement also created a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The filing was made on September 26, 2025.
Why It Matters
This filing indicates a significant new financial commitment or arrangement for International Seaways, Inc., which could impact its financial obligations and future operations.
Risk Assessment
Risk Level: medium — The creation of a material definitive agreement and new financial obligations suggests potential changes in the company's financial structure and operational risks.
Key Players & Entities
- International Seaways, Inc. (company) — Registrant
- September 23, 2025 (date) — Date of agreement
- September 26, 2025 (date) — Filing date
FAQ
What type of material definitive agreement did International Seaways, Inc. enter into?
The filing states that International Seaways, Inc. entered into a material definitive agreement, but the specific details of the agreement are not provided in this summary.
What is the nature of the financial obligation created by this agreement?
The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specifics are not detailed here.
When was this material definitive agreement entered into?
The agreement was entered into on September 23, 2025.
When was this Form 8-K filed with the SEC?
This Form 8-K was filed on September 26, 2025.
Does this filing provide any financial figures related to the agreement?
This particular excerpt of the filing does not contain specific dollar amounts or financial figures related to the agreement.
Filing Stats: 1,173 words · 5 min read · ~4 pages · Grade level 14.1 · Accepted 2025-09-26 17:00:31
Key Financial Figures
- $250 million — Seaways, Inc. (the " Company ") issued $250 million aggregate principal amount of 7.125% se
- $125,000 — . The 2030 Bonds have a denomination of $125,000, and application will be made to list t
- $50 million — free liquidity level of the greater of $50 million and 5% of the Company's total indebtedn
Filing Documents
- tm2527086d1_8k.htm (8-K) — 36KB
- 0001104659-25-093913.txt ( ) — 246KB
- insw-20250923.xsd (EX-101.SCH) — 3KB
- insw-20250923_def.xml (EX-101.DEF) — 26KB
- insw-20250923_lab.xml (EX-101.LAB) — 36KB
- insw-20250923_pre.xml (EX-101.PRE) — 25KB
- tm2527086d1_8k_htm.xml (XML) — 5KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On September 23, 2025, International Seaways, Inc. (the " Company ") issued $250 million aggregate principal amount of 7.125% senior unsecured bonds due 2030 (the " 2030 Bonds "), at an issue price of 100%. The 2030 Bonds bear interest at the rate of 7.125% per year and will mature on September 23, 2030 (unless earlier redeemed or repurchased). Interest will be paid semi-annually in arrears on March 23 and September 23 each year, commencing March 23, 2026 (and subject to business day conventions). The 2030 Bonds are senior unsecured obligations of the Company and will be equal in right of payment with all of the Company's existing and future senior unsecured indebtedness. The 2030 Bonds have a denomination of $125,000, and application will be made to list the 2030 Bonds on the Oslo Stock Exchange. The 2030 Bonds include customary representations, warranties, restrictions and covenants applicable to the Company and certain of its subsidiaries. These include financial covenants that are generally consistent with existing financial covenants in the Company's revolving credit facilities and require the Company (i) to maintain a minimum free liquidity level of the greater of $50 million and 5% of the Company's total indebtedness; (ii) to ensure the Company's and its consolidated subsidiaries' ratio of net indebtedness to consolidated total capitalization is less than 0.65 to 1.00 at any time; (iii) to ensure that current assets exceed current liabilities (defined to exclude the portion of consolidated indebtedness maturing within 12 months of the determination date) and (iv) to have a minimum level of free liquidity in order to make permitted distributions. The 2030 Bonds also contain certain restrictions on distributions, mergers, consolidations and transfers of substantially all of the Company's assets. Upon the occurrence of specified put option events (a change of control or a share delisting event), the Com
03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant . The information included in Item 1.01 is incorporated by reference into this Item 2.03.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INTERNATIONAL SEAWAYS, INC. (Registrant) Date: September 26, 2025 By /s/ James D. Small III Name: James D. Small III Title: Chief Administrative Officer, Senior Vice President, Secretary and General Counsel