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Superior Offshore gets $60 million term loan, amends revolver to increase size
By Sara Rosenberg
New York, June 22 - Superior Offshore International Inc. closed on a new $60 million delayed-draw term loan and amended its senior secured revolving credit facility to increase the size to $30 million from $20 million, according to an 8-K filed with the Securities and Exchange Commission Friday.
Pricing on the term loan is Libor plus 325 basis points.
The term loan has a $40 million accordion feature.
The term loan is delayed-draw until Dec. 20, 2008 and has a final maturity in December 2013.
Covenants under the term loan include a consolidated total debt to consolidated EBITDA ratio of no greater than 2.0 to 1.0 and a consolidated EBITDA to consolidated interest expense ratio of at least 5.0 to 1.0.
Proceeds are available for general corporate purposes and for payment of expenditures relating to the construction of the Superior Achiever.
The term loan and the amendment were both completed on June 20.
At close, $25 million was drawn under the term loan.
Fortis Capital Corp. is the lead bank on the term loan and JPMorgan is the lead on the revolver.
Superior Offshore is a Lafayette, La.-based provider of subsea construction and commercial diving services to the crude oil and natural gas exploration and production, and gathering and transmission industries.
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