8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report Pursuant to Section 13 or 15(d) of

the Securities Act of 1934

Date of Report (Date of earliest event reported): October 11, 2005

Omega Protein Corporation

(Exact name of registrant as specified in its charter)

Nevada	001-14003	76-0562134
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1717 St. James Place, Suite 550 Houston, Texas	77056
(Address of principal executive offices)	(Zip Code)

(713) 623-0060

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.133-4(c))

Item 1.01 Entry into a Material Definitive Agreement

Omega Protein Corporation (the “Company”) and various of its subsidiaries amended their existing credit facility with Bank of America, N.A. by entering into a Third Amendment dated October 11, 2005 to Loan and Security Agreement dated December 20, 2000.

The Third Amendment increased the amount of Title XI loans (federal loans under the U.S. Department of Commerce Fisheries Finance Program) that the Company is permitted to borrow from $25,000,000 to $31,000,000. All other terms and conditions of the credit facility remain the same.

The Third Amendment is filed with this Form 8-K as Exhibit 10.1.

Item 9.01 Financial Statement and Exhibits

a. Financial statements of business acquired.

NONE

b. Pro Forma Financial Information

NONE

c. Exhibits

10.1 Third Amendment to Loan and Security Agreement dated as of October 11, 2005 among Bank of America, N.A., Omega Protein Corporation and various subsidiaries

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 thereunto duly authorized.

	Omega Protein Corporation
Dated: October 13, 2005.	/s/ John D. Held
	John D. Held
	Executive Vice President, General Counsel and Secretary

EX-10.1

EXHIBIT 10.1

THIRD AMENDMENT

TO LOAN AND SECURITY AGREEMENT

THIS THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is made and entered into as of the 11^th day of October, 2005 among Bank of America, N.A. (“Bank”), Omega Protein Corporation, a Nevada corporation (“Parent”), Omega Protein, Inc., a Virginia corporation (“OPI”; Parent and OPI are sometimes referred to individually as a “Borrower” and collectively as “Borrowers”), Omega Shipyard, Inc., a Delaware corporation (“OSI”), Omega International Distribution Company, formerly known as Omega Net, Inc., a Delaware corporation (“OIDC”), and Protein Finance Company, a Delaware corporation (“PFC”; OSI, OIDC, and PFC referred to individually as a “Guarantor” and collectively as “Guarantors”; Borrowers and Guarantors are sometimes referred to herein individually as an “Obligor” and collectively as “Obligors”).

W I T N E S S E T H :

WHEREAS, Bank and Borrowers have entered into that certain Loan and Security Agreement dated as of December 20, 2000 (as amended, restated, modified or supplemented from time to time, the “Loan Agreement”); and

WHEREAS, the Guarantors, together with Protein Operating Company, a Delaware corporation (“POC”), Protein Securities Company, a Delaware corporation (“PSC”), and Protein (U.S.A.) Company, a Delaware corporation (“Protein USA”; POC, PSC and Protein USA are herein after collectively referred to as the “Former Protein Subsidiaries”); entered into that certain Unconditional Guaranty in favor of Bank dated as of December 20, 2000 (as amended, restated, modified or supplemented from time to time, the “Guaranty”), pursuant to which the Guarantors and the Former Protein Subsidiaries guaranteed to Bank the payment of all obligations of Borrowers to Bank however arising, including, without limitation, amounts due under the Loan Agreement; and

WHEREAS, the Guarantors and the Former Protein Subsidiaries entered into that certain Security Agreement in favor of Bank dated as of December 20, 2000 (as amended, restated, modified or supplemented from time to time, the “Security Agreement”), pursuant to which the Guarantors and the Former Protein Subsidiaries granted to Bank a security interest in all assets of each Guarantor and each Former Protein Subsidiary in order to secure their respective obligations under the Guaranty and Borrowers’ obligations under the Loan Agreement; and

WHEREAS, on or about December 17, 2003, each of the Former Protein Subsidiaries merged with and into POI, with POI being the surviving entity of such mergers; and

WHEREAS, the Borrowers have requested that the Bank agree to amend Section 8(b)(ii) of the Loan Agreement to permit the Borrowers to increase the amount of “Title XI Loans” (as such term is defined in the Loan Agreement) outstanding at any time; and

WHEREAS, the Bank has agreed to so amend the Loan Agreement, subject to the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. All capitalized terms used herein and not otherwise expressly defined herein shall have the respective meanings given to such terms in the Loan Agreement.

2. The Loan Agreement is amended by deleting the dollar amount of “$25,000,000” contained in Section 8(b)(ii) and substituting a dollar amount of “$31,000,000” in lieu thereof.

3. The effectiveness of the amendment contained in this Amendment is expressly conditioned Bank’s receipt of a fully executed original of this Amendment, in form and substance acceptable to Bank in its discretion.

4. Each Borrower hereby restates, ratifies, and reaffirms each and every term, condition representation and warranty heretofore made by it under or in connection with the execution and delivery of the Loan Agreement, as amended hereby, and the other Loan Documents, as fully as though such representations and warranties had been made on the date hereof and with specific reference to this Amendment and the Loan Documents. Each Guarantor hereby restates, ratifies, and reaffirms each and every term, condition representation and warranty heretofore made by it under or in connection with the execution and delivery of the Security Agreement and the Guaranty, in each case as amended hereby, and the other Loan Documents, as fully as though such representations and warranties had been made on the date hereof and with specific reference to this Amendment and the Loan Documents.

5. Except as expressly set forth herein, the Loan Agreement, the Security Agreement and the Guaranty shall be and remain in full force and effect as originally written, and shall constitute the legal, valid, binding and enforceable obligations of the Obligors party thereto to Bank. This Amendment shall not be effective to waive any Event of Default or to consent to any failure by the Borrowers or any other Obligor to strictly comply with the provisions of the Loan Agreement and the other Loan Documents.

6. In addition to any other fees described in this Amendment, each Borrower jointly and severally agrees to pay on demand all costs and expenses of Bank in connection with the preparation, execution, delivery and enforcement of this Amendment and all other Loan Documents and any other transactions contemplated hereby, including, without limitation, the fees and out-of-pocket expenses of legal counsel to Bank.

7. To induce Bank to enter into this Amendment, each Obligor hereby (a) represents and warrants that, as of the date hereof, both before and after giving effect to the terms hereof, there exists no Default (or any event which with the giving of notice or passage of time would constitute a Default) under the Loan Agreement, the Security Agreement, the Guaranty or any of the other Loan Documents, and (b) acknowledges and agrees that no right of offset, defense,

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counterclaim, claim or objection in favor of any Obligor against Bank exists arising out of or with respect to the Loan Agreement, the Security Agreement, the Guaranty or any other Loan Document, or any of the Secured Obligations. Without limiting the generality of the foregoing any other provision of this Amendment, each Guarantor acknowledges that, notwithstanding the amendment to the Loan Agreement set forth herein, and after giving effect hereto, the Guaranty remains in full force and effect, as amended hereby.

8. Each Obligor agrees to take such further action as Bank shall reasonably request in connection herewith to evidence the amendment herein contained to the Loan Agreement.

9. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.

10. This Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto.

11. This Amendment shall be governed by, and construed in accordance with, the laws of the State of Georgia, other than its laws respecting choice of law.

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IN WITNESS WHEREOF, Obligors and Bank have caused this Amendment to be duly executed as of the date first above written.

OMEGA PROTEIN CORPORATION
By:	/s/ Robert W. Stockton
	Robert W. Stockton Executive Vice President
OMEGA PROTEIN, INC.
By:	/s/ Robert W. Stockton
	Robert W. Stockton Vice President
OMEGA SHIPYARD, INC.
By:	/s/ Robert W. Stockton
	Robert W. Stockton
	Vice President
OMEGA INTERNATIONAL DISTRIBUTION COMPANY
By:	/s/ Robert W. Stockton
	Robert W. Stockton Vice President
PROTEIN FINANCE COMPANY
By:	/s/ Robert W. Stockton
	Robert W. Stockton Vice President

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BANK OF AMERICA, N.A.
By:	/s/ Wes Manus
	Wes Manus
	Vice President

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