Oceaneering gets $300 million term loan, $500 million revolver

By Marisa Wong

Madison, Wis., Oct. 27 – Oceaneering International, Inc. announced it entered into a new credit agreement for a $300 million three-year delayed-draw term loan and a $500 million five-year revolving credit facility.

The new credit agreement replaces a prior agreement that was set to mature on Jan. 6, 2017, according to a press release.

The banks participating in the new credit agreement are Wells Fargo Bank, NA, DNB Capital LLC, HSBC Bank USA, NA, JPMorgan Chase Bank, NA, Bank of America, NA, Standard Chartered Bank, Bank of Tokyo-Mitsubishi UFJ, Ltd., Credit Suisse AG and Barclays Bank plc.

Wells Fargo Securities, LLC, DNB Markets, Inc., J.P. Morgan Securities LLC and HSBC Securities (USA) Inc. acted as joint lead arrangers and joint bookrunners for the new credit agreement. Wells Fargo is the administrative agent, DNB Bank ASA is the syndication agent, and HSBC and JPMorgan are documentation agents.

The amount available under the revolver may be increased to up to $800 million at any time.

Borrowings will be used to refinance advances outstanding under the prior agreement and for other general corporate purposes.

Oceaneering is a Houston-based provider of engineered services and products, primarily to the offshore oil and gas industry with a focus on deepwater applications.

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