GulfMark gets $200 million term loan led by Royal Bank of Scotland

By Sara Rosenberg

New York, Dec. 17 - GulfMark Offshore Inc. closed on a new $200 million term loan due Dec. 31, 2012 on Thursday, according to an 8-K filed with the Securities and Exchange Commission.

The Royal Bank of Scotland acted as the arranger on the deal.

Pricing on the term loan is Libor plus 250 basis points.

Amortization on the term loan is 11 consecutive quarterly installments of about $8.33 million and a final installment of roughly $108.33 million.

Covenants include a leverage ratio of 3.0 to 1.0 for any financial quarter ending during any period on or after March 31 and on or prior to Dec. 31, 2010; 2.75 to 1.0 for any financial quarter ending during any period on or after March 31, 2011 and on or prior to Dec. 31, 2011; and 2.5 to 1.0 for any financial quarter ending during any period on or after March 31, 2012 and on or prior to Dec. 31, 2012.

There is also a consolidated interest coverage ratio of 4.0 to 1.0 and an equity to total assets ratio of 0.35 to 1.0.

Proceeds were used to repay existing bank debt.

GulfMark is a Houston-based provider of offshore marine services.

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