Omni Energy gets commitment for new $100 million credit facility

By Sara Rosenberg

New York, Oct. 20 - Omni Energy Services Corp. got a commitment for a new $100 million senior credit facility from Ableco Finance LLC, according to a company news release.

Proceeds will be used to redeem the company's outstanding 6.5% subordinated convertible debentures, refinance some long-term debt and provide working capital.

"This new credit facility is an exciting component of our strategic business model that will facilitate the continued expansion and growth of Omni, and will do it without diluting shareholder value," said James C. Eckert, chief executive officer, in the release.

"The structure of the new senior credit facility, which utilizes a combination of new senior secured debt supplemented with significant levels of mezzanine financing, positions Omni to continue aggressively pursuing strategic acquisitions," Eckert added in the release.

Omni is a Carencro, La.-based provider of services to geophysical companies.

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