OMNI amends, obtains waiver for senior secured credit facility

By Jennifer Chiou

New York, April 5 - OMNI Energy Services Corp. entered into an amendment and waiver for its senior secured credit facility with Fifth Third Bank, according to an 8-K filing with the Securities and Exchange Commission.

The amendment grants a waiver of the requirements to deliver a compliance certificate and audited financial statements prior to March 15 as well as projected balance sheets of income and cash flow for the 2010 fiscal year prior to the beginning of the 2010 fiscal year.

The waiver is effective as of March 31, the date by which OMNI said it delivered all of the required certificates and financial information.

Further, the amendment also grants a waiver of the company's potential violation of the terns of a promissory note and subordination agreement between OMNI and Cypress Consulting Services, Inc.

OMNI said in the filing that it is in litigation with Cypress.

The amendment also modified the definition of the term EBITDA and the leverage ratios required to be maintained under the senior credit facility to reflect a requirement of 3.50 to 1.00 as of March 31, 3.25 to 1.00 as of June 30, 3.00 to 1.00 as of Sept. 30 and 2.50 to 1.00 for each 12-month period ending on March 31, June 30, Sept. 30 or Dec. 31 thereafter.

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

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