OMI to repay revolver debt with $200 million convertible offering proceeds

By Caroline Salls

Pittsburgh, Nov. 29 - OMI Corp. will repay debt under its reducing revolving credit facility using a portion of the proceeds from its $200 million offering of convertible senior notes due 2024, according to a company news release.

The company also intends to use 40% of the net proceeds to buy back shares of its common stock that it expects will be sold short by note purchasers, the release said.

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

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