Civeo amends, extending revolver and term loan maturities

By Sara Rosenberg

New York, Sept. 8 – Civeo Corp. amended its credit agreement, extending the maturity date of the revolving credit facilities and the term loan by 18 months to May 30, 2023, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The amendment also increased pricing on Eurocurrency loans, BBSY rate loans and B/A loans to a range of 350 basis points to 450 bps from a range of 225 bps to 400 bps, and on ABR loans, Canadian Prime rate loans and U.S. base rate loans to a range of 250 bps to 300 bps from a range of 125 bps to 300 bps.

In addition, the commitment fee was revised to a range of 87.5 bps to 112.5 bps from a range of 51 bps to 90 bps.

Furthermore, the U.S. revolver was reduced to $10 million from $20 million, the Canadian revolver was reduced to $122.3 million from $183.5 million and the Australian revolver was reduced to $35 million from $60 million.

Royal Bank of Canada is the administrative agent on the deal.

The amendment was completed on Sept. 3.

Civeo is a Houston-based provider of hospitality services.

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