Cal Dive gets new $150 million revolver

By Sara Rosenberg

New York, Aug. 17 - Cal Dive International Inc. said it closed on a new $150 million four-year revolving credit facility.

Bank of America was the lead arranger and administrative agent, Whitney Bank was the documentation agent, Southwest Bank of Texas was the syndication agent, and Bank One, Comerica Bank, Natexis Bank and Union Planters Bank participated in the syndicate as well.

Interest on borrowings can range from Libor plus 75 to 175 basis points depending on leverage.

The amount available under the revolver can be increased to $250 million with the agreement of Cal Dive and existing or additional lenders, according to a company news release.

Security is the stock in some Cal Dive subsidiaries and a negative pledge on assets.

Covenants include debt to EBITDA, fixed charge coverage and book value of assets coverage.

The new revolver replaces the company's $70 million asset-based revolver.

"One of our stated goals at the beginning of this year was to establish a flexible credit/capital structure to enable acquisitions in our Oil and Gas Production segment and our Production Facilities segment. This facility, which will initially be undrawn upon, achieves this goal. We are very pleased with the terms of this facility and the confidence demonstrated by the bank group," said A. Wade Pursell, chief financial officer, in the release.

Cal Dive is a Houston energy service company.

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