OMI negotiates $320 million credit facility

OMI negotiates $320 million credit facility    OMI Corp., an owner and operator of crude oil tankers and product carriers, has entered into a $320 million senior secured reducing revolving credit facility.
   The new facility amends and restates a reducing revolving credit facility in the original principal amount of $348 million and a term loan of $24 million, and partly finances two recently delivered new product carriers.
   The lead arrangers of the credit facility include Deutsche Schiffsbank AG, DnB NOR Bank ASA, ING Bank, NIB Capital Bank N.V., and Nordea Bank Finland PLC.
   'We have received the lowest margin in our history for any bank borrowing, and for a 10-year term,' said Craig H. Stevenson Jr., chairman and chief executive officer of OMI, based in Stamford, Conn.
   In addition, OMI has a separate $375 million senior secured reduced revolving credit facility. There is currently $15 million drawn from the $375 million facility, and no drawing as yet from the new $320 million facility.
   OMI's fleet comprises 42 vessels: 15 Suezmax tankers and 27 product carriers.