OMI receives new financing
OMI Corp., an owner and operator of crude oil tankers and product carriers, has negotiated a $142 million secured term loan to buy four vessels, three of which have been delivered. The fourth will be delivered by the end of 2004.
OMI also said it has received commitments from a bank syndicate for a $375 million secured revolving credit facility, which amends and restates an existing undrawn $245 million secured revolving credit facility. Closing is expected Nov. 29, when a $250 million revolving credit facility that has been used by the company as bridge financing for vessel acquisitions, will be repaid in full.
Both loans have a term of 10 years, OMI said in a statement.
OMI receives new financing
