GulfMark Offshore wins interim access to $20 million of DIP financing

By Caroline Salls

Pittsburgh, May 18 – GulfMark Offshore, Inc. received court approval to access $20 million of a $35 million debtor-in-possession facility on an interim basis, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for June 16.

As previously reported, DNB Bank ASA committed to provide a $35 million senior secured term loan facility in the form of an amendment to GulfMark Rederi AS’ existing NOK 600 million secured revolving credit facility.

The new DNB facility will be available to Rederi in multiple draws and will mature three months after closing, subject to extension for an additional three months.

Proceeds from the facility will be used by Rederi for working capital and general corporate purposes upon GulfMark’s Chapter 11 filing, and the new facility will be available to GulfMark through an intercompany loan to pay Chapter 11 fees, costs and expenses and for working capital and general corporate purposes.

The facility will mature on the earliest of Aug. 18, 45 days after the bankruptcy filing date if the final order is not entered by then, the effective date of a Chapter 11 plan, the completion of a sale of substantially all of the company’s assets, dismissal or conversion of the Chapter 11 case and acceleration of the loans.

Interest will accrue at Libor plus 800 basis points.

Houston-based GulfMark Offshore provides marine transportation services to the energy industry. The company filed bankruptcy on May 17 under Chapter 11 case number 17-11125.

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