OMI buys back $62.5 million of 2.875% convertibles, adjusts conversion price for others

By Laura Lutz

Des Moines, May 9 - OMI Corp. repurchased $62.5 million of its 2.875% unsecured convertible notes and slightly lowered the conversion price for the convertibles that remain outstanding, according to a 10-Q filing with the Securities and Exchange Commission.

The buybacks were conducted in the first three months of 2007.

The 2.875% notes were issued in December 2004.

The company said it has a total of $81.852 million principal amount of convertibles still outstanding.

The conversion price for the company's remaining convertibles was lowered to $30.49 from $30.50, increasing the conversion ratio to 32.7989 from 32.7842 for each $1,000 principal amount of notes.

The conversion price was adjusted because, as of March, the company had paid $0.29 per share in dividends in 2007, more than the $0.28 threshold for adjustment.

Based in Stamford, Conn., OMI owns and operates tankers.

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