Hercules Offshore completes $75 million five-year credit facility

By Sara Rosenberg

New York, April 9 - Hercules Offshore Inc. closed on a new $75 million five-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Deutsche Bank Securities Inc. acted as the lead arranger on the deal that was completed on April 3, and a joint bookrunner with Credit Suisse, Goldman Sachs Lending Partners LLC and UBS Securities LLC.

Initial pricing on the revolver is Libor plus 550 basis points. The spread can range from Libor plus 400 bps to 550 bps based on leverage.

In addition, the revolver includes a 75 bps unused fee.

If there are drawings under the revolver, the company must comply with a maximum secured leverage ratio of 4.25 to 1.00 from April 1 to Sept. 30, and 3.5 to 1.00 thereafter.

There is a $35 million accordion feature.

Hercules Offshore is a Houston-based operator of rigs and marine support vessels.

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