Loan & DebtJul 7, 2026, 05:12 PM
Oceaneering Increases Revolving Credit Facility to $345M
AI Summary
Oceaneering International, Inc. announced an amendment to its senior secured revolving credit facility, increasing commitments from $215 million to $345 million and extending the maturity date from April 2027 to July 2031. This amendment also reduced the applicable margin on loans. Concurrently, the company completed a private placement of $500 million aggregate principal amount of 6.875% Senior Notes due 2034, enhancing its financial flexibility.
Key Highlights
- Revolving credit facility increased from $215 million to $345 million.
- Maturity date of revolving credit facility extended from April 2027 to July 2031.
- Revolving credit facility includes ability to upsize by an additional $85 million.
- Letter of credit sublimit under the facility is $150 million.
- Applicable margin on loans under the facility reduced by 0.25%.
- Issued $500 million aggregate principal amount of 6.875% Senior Notes due 2034.
- Senior Notes interest payable semi-annually starting January 15, 2027.
- Senior Notes are redeemable prior to July 15, 2029, with a make-whole premium.
Price Impact
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