GulfMark expands new revolver to $115 million, adds extension option

By Marisa Wong

Morgantown, W.Va., Dec. 15 – GulfMark Offshore, Inc.’s lenders have agreed to amend the terms of its previously announced new revolving credit facility and new term loan facility, according to an 8-K filing with the Securities and Exchange Commission.

The lenders have agreed to increase the size of the proposed revolver to $115 million from $100 million, add an additional six-month extension option to the revolver, change the minimum liquidity covenants in the revolver and term loan to reflect the increased commitments, defer the increase in the interest rate margin under the revolver to the 24-month anniversary of the closing date and provide for fees in connection with these changes.

GulfMark will enter into the new revolving credit facility upon completing its tender offer for up to $300 million of its 6 3/8% senior notes due 2022. On Thursday the company announced it extended the expiration of the offer to Dec. 29.

The company announced at the start of the tender offer that the offer would be funded by a new money investment from MFP Partners, LP and Franklin Mutual Advisers, LLC. The investment is conditioned on closing of the tender offer and takes the form of a new $100 million secured term loan and the now upsized $115 million revolver, as well as at least $50 million of new equity.

Houston-based GulfMark Offshore provides marine transportation services to the energy industry.

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