Superior Offshore amends loan, providing for $15 million foreign revolver

By Sara Rosenberg

New York, Aug. 30 - Superior Offshore International Inc. amended its credit facility, providing for a $15 million revolver that will be secured by a first-priority lien on eligible foreign accounts receivable, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Amounts borrowed under this "foreign loan" would be counted towards, and would not be in addition to, the up to $30 million available under the existing revolver.

The foreign loan matures in February 2008 and carries pricing that can range from Libor plus 150 basis points to 200 bps, subject to a performance-based grid.

The amendment was completed on Aug. 24.

JPMorgan is the administrative agent on the deal.

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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