Hercules Offshore amends loan, extending term loan call protection

By Sara Rosenberg

New York, Jan. 30 - Hercules Offshore Inc. amended its credit facility, extending the termination date of a 101 prepayment premium under the term loan to Dec. 31 from June 29, according to an 8-K filed with the Securities and Exchange Commission Monday.

In addition, under the amendment, the banks agreed to release the guaranty, security agreement and vessel mortgages recently entered into by two of the company's Cayman subsidiaries for the transfer of two drilling rigs.

The amendment was completed on Jan. 25.

Comerica Bank is the administrative agent on the deal.

Hercules Offshore is a Houston-based provider of shallow-water drilling and liftboat services to the oil and natural gas exploration and production industry.

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