Helix Energy to redeem $275 million 9½% notes via term loan proceeds

By Toni Weeks

San Luis Obispo, Calif., June 21 - Helix Energy Solutions Group, Inc. issued a call to fully redeem its outstanding $275 million of 9½% senior notes due Jan. 15, 2016, according to a press release.

The company will redeem the notes on July 22 with the proceeds of its new term loan.

Helix arranged a five-year $900 million credit agreement, consisting of a $600 million revolving credit facility and the $300 million term loan, on Wednesday.

The company said it will pay a call premium of $6.5 million for early redemption of the notes and will incur a non-cash charge of $8.7 million for the deferred charges associated with the notes and its existing credit facility, which would have expired in July 2015 and was replaced by the new credit facility.

Helix is a Houston-based offshore energy company.

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