Oceaneering revolver amendment includes pricing revision

By Sara Rosenberg

New York, Jan. 23 - Oceaneering International Inc.'s revolving credit facility amendment included a change in pricing so that the grid now ranges from Libor plus 50 to 125 basis points depending on debt to capitalization, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

In addition, the facility fee was eliminated and a commitment fee ranging from 12.5 to 17.5 bps was added.

As was previously reported, the amendment also increased the revolver size to $300 million from $250 million and extended the maturity date to January 2012 from January 2008.

Wells Fargo acted as administrative agent and lead arranger on the deal, DnB acted as syndication agent, and HSBC, Chase, and BoTM acted as co-documentation agents.

There is a $150 million accordion feature.

Borrowings are available for general corporate purposes.

The amendment was completed on Jan. 22.

Oceaneering is a Houston-based oilfield provider of engineered services and products primarily to the offshore oil and gas industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.