Oceaneering gets $250 million revolver

By Sara Rosenberg

New York, Jan. 6 - Oceaneering International Inc. said it closed on a $250 million four-year revolving credit facility that can be increased to $300 million with lender agreement.

Wells Fargo was the administrative agent and lead arranger, Comerica Bank and Den Norske Bank were co-syndication agents, and HSBC Bank and Bank One were co-documentation agents. The Bank of Tokyo-Mitsubishi and Southwest Bank of Texas were also involved in the deal.

Proceeds can be used for general corporate purposes, including the anticipated funding of two pending acquisitions, according to a company news release.

"We are extremely pleased with this new financing arrangement and the confidence demonstrated by this international group of financial institutions. The $250 million revolver provides us medium-term capital at a favorable cost and, coupled with Oceaneering's strong cash flow, preserves our financial flexibility," said Marvin J. Migura, senior vice president and chief financial officer, in the release.

Oceaneering is a Houston-based advanced applied technology company.

© 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.