OMI obtains $245 million revolver

New York, March 24 - OMI Corp. obtained a $245 million secured revolving credit facility via arrangers and agents Nordea Bank Finland PLC and ING Bank NV.

The loan is at Libor plus 162.5 basis points.

Proceeds will be used to refinance two existing facilities which had an interest rate of Libor plus 240 basis points, the company said.

"The refinancing reflects the strength of our balance sheet and committed future business," said Craig Stevenson, chairman and chief executive officer of the Stamford, Conn. tanker owner and operator.

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