GulfMark Offshore amends $300 million, NOK 600 million facilities

By Toni Weeks

San Luis Obispo, Calif., July 8 – GulfMark Offshore, Inc. amended its $300 million multicurrency facility agreement dated Sept. 26, 2014 with Royal Bank of Scotland plc on July 2, according to an 8-K filing with the Securities and Exchange Commission. GulfMark Americas, Inc. is the borrower.

The amendment, among other things, reduces the interest coverage ratio requirements for some periods, changes the required collateral to lenders’ commitments ratio for certain periods, adds a new mechanism for curing defaults on financial covenants and removes a requirement that the company of its affiliates take delivery of certain vessels.

In return for the amendment, the company agreed to increase the commitment fee during certain periods, reduce commitments under the facility to $200 million from $300 million, increase the interest rate and add a new covenant that liquidity not be less than $50 million.

The company also amended its NOK 600 million multi-currency revolving credit facility agreement originally dated Dec. 27, 2012 on July 7 with DNB Bank ASA as sole lender and agent. GulfMark Rederi AS is the borrower under this facility.

The amendment, among other changes, modifies the interest coverage ratio requirements to conform to those applicable to the same periods for the above facility, adds a new covenant that liquidity not be less than $50 million and increases the commitment fee.

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

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