Cal Dive looks to refinance revolver by Friday, extend waivers

By Susanna Moon

Chicago, Oct. 2 – Cal Dive International, Inc. said it is looking to refinance its $125 million first-lien revolving credit facility and believes the refinancing could be completed by Friday.

The company is working with several banks toward the refinancing, according to a company press release.

The company said it had obtained waivers through Sept. 30 from its revolving credit facility lenders and its second-lien facility lenders that required completion of the refinancing of the revolving credit facility by that date.

“Although the refinancing has not yet been finalized, considerable progress has been made between the company and the new lenders, and the company now believes that the refinancing could be completed as early as Friday, Oct. 3,” the press release noted.

The company said it is working with those lenders to secure extensions of the waivers.

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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