GulfMark Offshore amends $300 million, NOK 600 million facilities

By Marisa Wong

Madison, Wis., Feb. 17 – GulfMark Offshore, Inc. entered into an amendment on Feb. 13 to its $300 million multicurrency facility agreement dated Sept. 26, 2014 with Royal Bank of Scotland plc as agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment reduced the interest coverage ratio requirements applicable to certain periods.

In return for the reduction, the lenders required that GulfMark agree to some financial restrictions, including limiting its ability to make payments beyond permitted amounts for dividends, acquisitions or share repurchases.

On Feb. 13, the company also entered into an amendment to its NOK 600 million multi-currency revolving credit agreement dated Dec. 27, 2012 with DNB Bank ASA as sole lender and agent.

This amendment also modified the interest coverage ratio requirements applicable to certain periods, conforming them to the interest coverage ratio requirements applicable to the same periods as set forth in the amended RBS facility.

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

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