OMNI amends loan, waiving non-compliance with fixed-charge covenant

By Sara Rosenberg

New York, Nov. 16 - OMNI Energy Services Corp. amended its senior secured credit facility, waiving the fixed-charge coverage ratio of 1.25 to 1.00 for the 12-month period ended Sept. 30, according to a 10-Q filed with the Securities and Exchange Commission late Friday.

The amendment also revised pricing on the term loan to Libor plus 450 basis points and on the revolver to Libor plus 400 bps, with a 1% Libor floor.

In addition, the amendment changed the fixed-charge coverage ratio to 0.90 to 1.00 at Dec. 31 and June 30, 2010, 1.00 to 1.00 at March 31, Sept. 30, 2010, and Dec. 31, 2010, and 1.10 to 1.00 at March 31, 2011, June 30, 2011, Sept. 30, 2011 and Dec. 31, 2011.

Also, the leverage ratio was modified to 3.00 to 1.00 at Dec. 31, 2009, March 31, 2010, June 30, 2010 and Sept. 30, 2010 and 2.50 to 1.00 thereafter.

Furthermore, the company reduced the total available principal under the facility to $56 million from $75 million by repaying $14 million of term loan debt and downsizing the revolver to $20 million from $25 million.

The amendment was completed on Nov. 13.

OMNI is a Carencro, La.-based provider of services to geophysical companies and oil and gas companies.

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