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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) May 31, 1996
OMI CORP.
(Exact name of Registrant as specified in its charter)
Delaware 2-87930 13-2625280
(State or other (Commission (I.R.S. Employer
Jurisdiction of File Number Identification No.)
incorporation)
90 Park Avenue
New York, New York 10016
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212)986-1960
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Item 7. Financial Statements, Proforma Information and Exhibits
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C. Exhibit
(99) Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
OMI CORP.
June 12, 1996 By: Vincent de Sostoa
Vincent de Sostoa
Senior Vice President
of Finance and CFO
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Exhibit 99
OMI CORP. COMMENCES CASH TENDER OFFER FOR OUTSTANDING NOTES
NEW YORK, May 31 /PRNewswire/--OMI Corp. (OMM:NYSE) Today announced the
commencement of a cash tender offer and consent solicitation relating to all of
OMI's outstanding 10 1/4% Senior
Notes due 2003. In its cash tender offer, OMI is offering to buy any and
all of the outstanding Notes at a price of $980 per $1,000 principal amount
(which includes a tender fee of $20 per $1,000 principal amount) plus accrued
and unpaid interest to, but not including, the payment date.
In connection with the tender offer, OMI is soliciting consents to amend
certain provisions of the indenture governing the Notes. Holders of the Notes
who tender their Notes will be required to consent to the proposed amendments
and consents will not be accepted without a tender of Notes. There will be no
separate payment for the consents. The terms of the tender offer and consent
solicitation are contained in the Offer to Purchase and Consent Solicitation
Statement and related Consent and Letter of Transmittal. The tender offer and
consent solicitation is conditioned upon, among other things: (i) the proposed
amendments having been consented to by the holders of not less than a majority
in principal amount of the outstanding Notes and a supplemental indenture in
respect thereof having been executed and delivered; and (ii) the consummation of
the new credit agreement which will provide funds to purchase the Notes and for
other operational needs. The tender offer and consent solicitation will expire
at 5 p.m., New York time, on June 27, 1996, unless extended. Salomon Brothers
Inc is acting as sole dealer-manager and D.F. King & Co., Inc. is acting as the
information agent for the tender offer and consent solicitation. A copy of the
Offer to Purchase and Consent Solicitation Statement and related materials may
be obtained from D.F. King & Co., Inc. by calling (800) 848-3374.
OMI is a diversified major bulk shipping company which operates in both the
international and U.S. shipping markets.
/Contact: Investor Relations Department (212) 297-2230.
