Oceaneering obtains $100 million revolver

By Sara Rosenberg

New York, July 1 - Oceaneering International Inc. closed on a new $100 million four-year revolver. Wells Fargo acted as administrative agent, HSBC acted as documentation agent and Comerica acted as syndication agent.

Den norske Bank and The Bank of Tokyo Mitsubishi are also involved in the financing.

The amount available under the credit agreement can be increased to $125 million at any time upon the agreement of Oceaneering and existing or additional lenders.

Interest on borrowings is based on the company's debt to capitalization. The company declined to reveal the initial spread over Libor.

Proceeds will be available for general corporate purposes.

"We are extremely pleased with this new financing arrangement and the confidence demonstrated by these world class financial institutions. The revolver of $100 million provides us medium-term capital at a favorable cost. Coupled with Oceaneering's strong cash flow, this facility preserves our flexibility to fund additional growth," said Marvin J. Migura, senior vice president and chief financial officer, in a news release.

Oceaneering is a Houston applied technology company that provides engineered services and hardware to customers who operate in marine, space and other harsh environments.

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