Cal Dive amends credit facility to increase maximum leverage ratio

By Angela McDaniels

Tacoma, Wash., June 4 - Cal Dive International, Inc. said it amended its credit facility to provide flexibility for working capital requirements over the next two quarters relating to the its recent awards in Mexico.

According to an 8-K filing with the Securities and Exchange Commission, the amendment, among other things, made the following changes:

• Increased the consolidated leverage ratio to 5.25 times from 3.75 times for the fiscal quarter ending June 30 and to 5.00 times from 3.75 times for the fiscal quarter ending Sept. 30;

• Reduced the consolidated fixed charge coverage ratio covenant to 1.05 times from 1.25 times for the two fiscal quarters ending June 30 and Sept.30; and

• Changed the determination of consolidated funded debt when used for the calculation of the consolidated leverage ratio to exclude up to $20 million of unsecured debt.

The amendment is effective as of May 31.

Bank of America, NA is the administrative agent, swingline lender and letter of credit issuer.

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

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