Cal Dive increases leverage ratio, reduces revolver to $125 million

By Marisa Wong

Madison, Wis., Nov. 7 - Cal Dive International, Inc. said it amended its current credit facility in early November to increase the permitted leverage ratio covenant at Dec. 31 to 5.0 times from 4.0 times to allow for any unexpected EBITDA volatility.

As part of the amendment, the company's existing revolving credit facility will be reduced to $125 million from $150 million, effective Nov. 30.

The company said its liquidity going forward under the revolver is not restricted provided it is in compliance with existing financial covenants, and it expects to be in compliance at Dec. 31.

Cal Dive is a Houston-based offshore oil and gas company.

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