GulfMark amends multicurrency facility to adjust leverage covenant

By Jennifer Chiou

New York, Feb. 26 - GulfMark Offshore, Inc. subsidiary GulfMark Americas, Inc. entered into on Feb. 25 an amendment to its multicurrency facility agreement with Royal Bank of Scotland plc, Wells Fargo Bank, NA and JPMorgan Chase Bank, NA as arrangers, according to an 8-K filing with the Securities and Exchange Commission.

Under the amendment, the company's leverage ratio financial covenant was adjusted.

With the changes, GulfMark has agreed to keep its leverage ratio at no more than

• 3.0 to 1.0 for any financial quarter ending on or after Sept. 30, 2012 and on or prior to Dec. 31, 2012;

• 5.0 to 1.0 for any financial quarter ending on or after March 31, 2013 and on or prior to Dec. 31, 2013;

• 4.0 to 1.0 for any financial quarter ending on or after March 31, 2014 and on or prior to June 30, 2014;

• 3.5 to 1.0 for any financial quarter ending on or after Sept. 30, 2014 and on or prior to Dec. 31, 2014;

• 2.75 to 1.0 for any financial quarter ending on or after March 31, 2015 and on or prior to Dec. 31, 2015; and

• 2.5 to 1.0 for any financial quarter ending on or after March 31, 2016 and on or prior to maturity.

The amendment also added a new provision regarding a senior secured leverage ratio. GulfMark may not permit the ratio of its senior debt to consolidated adjusted EBITDA to exceed 1.75 to 1 for any period of four consecutive fiscal quarters occurring on or after March 31, 2013 and on or prior to Dec. 31, 2014.

The borrower is a Houston-based provider of offshore marine services.

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