OMI gets new $320 million revolver

By Sara Rosenberg

New York, May 11 - OMI Corp. closed on a new $320 million 10-year senior secured reducing revolving credit facility, according to a company news release.

Deutsche Schiffsbank AG, DnB NOR Bank ASA, ING Bank, NIB Capital Bank NV and Nordea Bank Finland plc acted as lead arrangers on the deal.

The revolver carries an interest rate of Libor plus 67.5 basis points.

The new revolver amends and restates a reducing revolver in the original principal amount of $348 million and a term loan in the original principal amount of $24 million, and partially finances two recently delivered new product carriers. These facilities that were refinanced through this new deal carried an interest rate that could range from Libor plus 90 to 200 basis points.

"This facility reflects the increasing financial strength of OMI, as we have achieved the lowest margin in our history for any bank borrowing and for a 10-year term. We thank the banks for their confidence in us," said Craig H. Stevenson Jr., chairman and chief executive officer, in the release.

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

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