Oceaneering extends revolver maturity to 2023, repays term loan debt

By Sarah Lizee

Olympia, Wash., Feb. 20 – Oceaneering International, Inc. amended its credit agreement with Wells Fargo Bank, NA on Feb. 16 to extend the maturities of its $500 million undrawn unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The total commitments will be $500 million until October 2021. After that, commitments will be $450 million until January 2023.

The original credit agreement also included a $300 million term loan that was repaid in full on Feb. 16 in connection with the amendment using proceeds from a new issue of $300 million 10-year senior notes.

Before it was repaid, the term loan was scheduled to mature in October 2019.

The credit agreement was originally dated Oct. 27, 2014.

“While liquidity has not been a concern of ours, the extension of the revolving credit facility and the early repayment of the term loan increases Oceaneering's liquidity runway by improving our debt maturity profile,” senior vice president and chief financial officer Alan R. Curtis said in in a press release.

“At Dec. 31, 2017, we had $430 million of cash on the balance sheet and $500 million of undrawn capacity available under our revolving credit facility, and our next scheduled debt principal maturity is in November 2024. Our financial position gives us valuable optionality as we reposition the company for growth." Oceaneering is a Houston-based provider of engineered services and products to the offshore oil and gas industry

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