New Issue: OMI upsizes 10-year notes to $200 million, yield 7 5/8%

By Paul A. Harris

St. Louis, Nov. 21 - OMI Corp. priced an upsized issue of $200 million senior notes due Dec. 1, 2013 (B1/B+) at par on Friday to yield 7 5/8%, according to an informed source.

The deal was increased from $150 million. Price talk was for a yield of 7 5/8%-7 7/8%.

Goldman Sachs & Co. was the bookrunner on the Rule 144A offering.

OMI will use proceeds to repay its revolver and for general corporate purposes.

The issuer is a Stamford, Conn.-based owner and operator of crude oil tankers and product carriers

Issuer:	OMI Corp.
Amount:	$200 million (from $150 million)
Maturity:	Dec. 1, 2013
Security description:	Senior notes
Bookrunner:	Goldman Sachs
Coupon:	7 5/8%
Price:	Par
Yield:	7 5/8%
Spread:	349 basis points
Call features:	Callable after Dec. 1, 2008 at 103.813, then 102.547, 101.271, declining to par on Dec. 1, 2011 and thereafter
Settlement date:	Nov. 26
Ratings:	Moody's: B1
	Standard & Poor's: B+
Rule 144A Cusip:	670874AC0
Price talk:	7 5/8%-7 7/8%

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