Oceaneering extends most commitments under credit agreement one year

By Wendy Van Sickle

Columbus, Ohio, Nov. 16 – Oceaneering International, Inc. on Monday extended the maturity of most of the commitments under its credit agreement dated Oct. 27, 2014 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The maturities of the $500 million five-year revolver and the three-year $300 million term loan were each extended one year to Oct. 27, 2018 and Oct. 25, 2020, respectively, with lenders representing 93.75% of the existing commitments.

Total commitments under the revolver will remain $500 million through the previous maturity date of Oct. 25, 2019, then will drop to $468.75 million until the new maturity.

Commitments under the term loan will be $300 million until the former maturity date of Oct. 27, 2017, then will drop to $281.25 million until the new maturity.

Also the maximum leverage ratio was replaced with a new financial covenant restricting the maximum total capitalization ratio to 55%.

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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