Oceaneering extends maturities of term loan, revolver to 2019, 2021

By Marisa Wong

Morgantown, W.Va., Nov. 21 – Oceaneering International, Inc. amended its credit agreement dated Oct. 27, 2014 with Wells Fargo Bank, NA as administrative agent and swingline lender to extend the maturity dates, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement originally provided for a $300 million three-year term loan and a $500 million five-year revolving credit facility.

Lenders of 90% of the existing commitments agreed to extend the maturity of the term loan to Oct. 25, 2019 and the maturity of the revolver to Oct. 25, 2021.

The total commitments for the revolver will be $500 million until Oct. 25, 2020 and, after that, $450 million until Oct. 25, 2021, and the outstanding term loans will total $300 million until Oct. 27, 2018 and, after that, $270 million until Oct. 25, 2019.

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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