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Oceaneering enters $215 million five-year secured revolver
By Wendy Van Sickle
Columbus, Ohio, April 12 – Oceaneering International, Inc. entered a new $215 million senior secured revolving credit facility that will mature in April 2026, according to a news release.
This credit facility replaces Oceaneering’s prior credit facility, which was scheduled to mature on Jan. 25, 2023.
There is a $100 million sublimit for letters of credit, and an accordion feature permits the revolver to be expanded to up to $300 million.
Interest is based on SOFR plus a margin ranging from 225 basis points to 325 bps, and there is an undrawn fee of 30 bps to 37.5 bps.
The company can add sustainability-linked performance targets in the future, which would result in reduced borrowing rates if achieved.
The credit facility is guaranteed by Oceaneering and some of its wholly owned domestic subsidiaries and secured by first-priority liens on certain of the guarantors’ assets.
Borrowings are subject to consolidated net leverage ratio and consolidated interest coverage ratio covenants.
Wells Fargo Securities, LLC, DNB Markets, Inc. and JPMorgan Chase Bank, NA are the lead arrangers and bookrunners, with Wells Fargo Bank, NA as administrative agent and a joint sustainability coordinator along with DNB Markets, Inc.
“In addition to general corporate purposes, this facility provides additional support to help in our development of new technologies and capabilities as we adapt and grow in energy transition and other new markets,” Oceaneering senior vice president and chief financial officer Alan R. Curtis said in the press release.
Oceaneering is a Houston-based provider of engineered services and products to the offshore oil and gas industry.
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