OMI CORPORATION ANNOUNCES BANK REFINANCING AND
PROMOTION OF KATHLEEN HAINES TO CHIEF FINANCIAL OFFICER
Contact: Fredric S. London
OMI Corporation
(203) 602-6789
STAMFORD, CONNECTICUT, September 5, 2000 - OMI Corporation (NYSE:OMM) announced
today that it has accepted an offer from a group of banks led by Christiania
Bank og Kreditkasse to refinance the Company's existing bank indebtedness and
finance the two newbuildings scheduled for delivery in September and November of
this year. Closing is expected in early October.
The total financing is for $310,000,000 and is for a five year term.
Amortization will be $40,000,000 per year for the first two years and
$25,000,000 for each following year.
Craig H. Stevenson, Jr., Chairman, Chief Executive Officer and President of the
Company commented "We are pleased that the Company's performance has improved so
as to allow it to refinance its debt upon substantially improved terms. Unlike
its existing credit facilities, the refinancing will not require disposition of
assets. The Company's ability to do future transactions will be greatly enhanced
by this refinancing."
The Company further announced that Kathleen C. Haines, Vice President and
Controller has been named Chief Financial Officer and Treasurer of the Company.
Mr. Stevenson commented "The Company is pleased that Kathy has performed the
additional responsibilities she has assumed to both our hopes and expectations.
We believe she will be an outstanding Chief Financial Officer."
A number of shareholders have requested that the Company reinstate conference
calls, which the Company ceased having when it gave detailed results in its
quarterly earnings press releases. The Company will have a conference call when
its third quarter results are released.
OMI Corporation is a major international tanker owner and operator. Its fleet
currently comprises 20 vessels, consisting of five wholly-owned Suezmax tankers,
three chartered-in Suezmaxes, eight handysize product carriers, three 66,000 dwt
product carriers which carry crude oil and one ultra large crude tanker. Two new
47,000 dwt product carriers are scheduled to be delivered to the Company in
2000.
