Cal Dive gets commitment for $125 million secured credit facility

By Sara Rosenberg

New York, Aug. 22 – Cal Dive International Inc. has received a commitment for a $125 million senior secured credit facility, according to a news release.

The facility may consist of both a term loan and a revolver.

Proceeds will be used to refinance the company’s existing revolver and provide additional liquidity.

The commitment was provided by three financial institutions.

The company was required to provide executed commitment letters acceptable to its existing revolver lenders for the refinancing of the debt by Aug. 27, or waivers with respect to its loan agreements would have expired on September 2, the news release said, adding that revolver lenders have confirmed that the commitment letters are acceptable.

Currently, the refinancing is expected to be completed before the waivers expire.

Cal Dive is a Houston-based marine contractor that provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry.

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