Filing Details
- Accession Number:
- 0001013594-18-000712
- Form Type:
- 13D Filing
- Publication Date:
- 2018-11-30 16:59:44
- Filed By:
- Paulson & Co
- Company:
- International Seaways Inc. (NYSE:INSW)
- Filing Date:
- 2018-11-30
- SEC Url:
- 13D Filing
Ownership Summary
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Paulson Co. Inc | 2,909,100 | 0 | 2,909,100 | 0 | 2,909,100 | 9.97% |
Filing
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13D - 101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(a)
(Amendment No.1)*
International Seaways, Inc
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
Y41053102**
(CUSIP Number)
Stephen M. Schultz, Esq.
Kleinberg, Kaplan, Wolff & Cohen, P.C.
551 Fifth Avenue, New York, New York 10176
Tel. (212) 986-6000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
November 28, 2018
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of
this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ].
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all
exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
** The Common Stock has no CUSIP number. The CINS number for the Common Stock is Y41053102.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section
18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
| 1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| Paulson & Co. Inc. | |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| (a) [ ] | |
| (b) [ ] | |
| 3. | SEC USE ONLY |
| 4. | SOURCE OF FUNDS |
| OO | |
| 5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
| 6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
| Delaware | |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | |
| 7. | SOLE VOTING POWER |
| 2,909,100 (1) | |
| 8. | SHARED VOTING POWER |
| 0 | |
| 9. | SOLE DISPOSITIVE POWER |
| 2,909,100 (1) | |
| 10. | SHARED DISPOSITIVE POWER |
| 0 | |
| 11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| 2,909,100 (1) | |
| 12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] |
| 13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| 9.97% | |
| 14. | TYPE OF REPORTING PERSON |
| IA | |
(1) See Note 1 to Item 5 below.
The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (the “Amendment
No. 1”). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.
| Item 2. | Identity and Background. |
Item 2(b) is hereby amended and restated to read as follows:
(b) The principal business address of the Reporting Person is 1133 Avenue of the Americas, 33rd Floor, New York, New York 10036.
Item 2(c) is hereby amended and restated to read as follows:
(c) Paulson, an investment advisor that is registered under the Investment Advisers Act of 1940, furnishes investment advice to and manages onshore
and offshore pooled investment vehicles and to separately managed accounts (collectively, such pooled investment vehicles and accounts shall be referred to as the “Funds”). John Paulson is the President and sole Director of Paulson & Co. Inc.
Information regarding the directors, executive officers and/or control persons of the Reporting Person
(collectively, the “Instruction C Persons”) is set forth in Schedule A attached hereto.
| Item 5. | Interest in Securities of the Issuer. |
Item 5 is hereby amended and restated to read as follows:
(a) The aggregate percentage of Common Stock reported owned by the Reporting Person is based upon 29,183,431 shares of Common Stock outstanding as
of November 2, 2018, which is the total number of shares of Common Stock outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2018. As of the date hereof, the Reporting
Person may be deemed to have beneficially owned approximately 9.97% of the outstanding Common Stock.
(b) Number of shares of Common Stock as to which Paulson has:
(i) Sole power to vote or direct the vote: 2,909,100 (see Note 1).
(ii) Shared power to vote or direct the vote: 0
(iii) Sole
power to dispose or direct the disposition: 2,909,100 (see Note 1).
(iv) Shared
power to dispose or direct the disposition: 0
(c) The transactions effected by the Reporting Person
during the past 60 days are set forth on Schedule B attached hereto.
(d) See Note 1.
(e) Not applicable.
Note 1: Paulson, an investment advisor that is registered under the Investment Advisers Act of 1940,
furnishes investment advice to and manages the Funds. In its role as investment advisor, or manager, as the case may be, Paulson possesses voting and investment power over the securities of the Issuer described in this Schedule 13D that are owned by
the Funds. The pecuniary interest of all securities reported in this Schedule is owned by the Funds. Except for the purpose of determining beneficial ownership under Section 13(d) of the Securities Exchange Act of 1934, as amended, Paulson disclaims
beneficial ownership of all securities reported in this Schedule 13D.
For
reporting purposes, the aggregate amount of Common Stock deemed to be beneficially owned by the Reporting Person is calculated based on an aggregate of 2,909,100 shares of Common Stock held by the Reporting Person as of the date hereof.
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies
that the information with respect to it set forth in this statement is true, complete, and correct.
Dated: November 30, 2018
| PAULSON & CO. INC | |||
| By: | /s/ Stuart L. Merzer | ||
| Name: | Stuart L. Merzer | ||
| Title: | General Counsel & Chief Compliance Officer | ||
SCHEDULE A
INFORMATION REGARDING THE INSTRUCTION C PERSONS
The following table sets forth the name, title, principal occupation, business address and place of
employment of each of the executive officers and directors of Paulson & Co. Inc.
| Name | Title and Principal Occupation | Business Address and Place of
Employment |
| John Paulson | President, Director, Portfolio Manager | 1133 Avenue of the Americas, 33rd Floor New York, NY 10036 |
| Chris Bodak | Chief Financial Officer | 1133 Avenue of the Americas, 33rd Floor New York, NY 10036 |
| Stuart Merzer | General Counsel and Chief Compliance Officer | 1133 Avenue of the Americas, 33rd Floor New York, NY 10036 |
| Andrew Hoine | Director of Research | 1133 Avenue of the Americas, 33rd Floor New York, NY 10036 |
| Linda Forish | Chief Operating Officer | 1133 Avenue of the Americas, 33rd Floor New York, NY 10036 |
SCHEDULE B
TRANSACTIONS IN THE SECURITIES OF THE ISSUER DURING THE PAST 60
DAYS
| Date | Security | Amount of Shs. Bought / (Sold) | Approx. price ($) per Share |
| 11/28/2018 | Common Stock | (128,700) | 18.7750 |
| 11/29/2018 | Common Stock | (46,300) | 19.6263 |