GulfMark unit enters $300 million multicurrency facility agreement

By Jennifer Chiou

New York, Oct. 2 – GulfMark Offshore, Inc. subsidiary GulfMark Americas, Inc. entered into on Sept. 26 a $300 million-equivalent multicurrency facility agreement, according to an 8-K filing with the Securities and Exchange Commission.

There is a $100 million accordion.

The agreement provides for loans to be made in U.S. dollars, pounds sterling, euros, Canadian dollars and, with the approval of the lenders, other currencies.

Royal Bank of Scotland plc, Wells Fargo Bank, NA, JPMorgan Chase Bank, NA, Bank of America, NA, SunTrust Robinson Humphrey, Inc. and DBS Bank Ltd. are the arrangers. RBS is the agent.

The filing said that the collateral that secures the loans under the facility agreement will also secure all of GulfMark’s obligations under certain hedging agreements between the company and lenders.

Under the agreement, GulfMark must not permit its capitalization ratio at the end of any financial quarter to exceed 50%.

The company also has to keep a consolidated interest coverage ratio, for any period for four consecutive financial quarters, of more than 4.0 to 1.0.

In addition, GulfMark must not allow its collateral to debt ratio at the end of any financial quarter to be less than 1.75 to 1.0.

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

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