Helix Energy Solutions has entered into an amended and restated credit agreement with a syndicated bank lending group in the amount of $250 million, consisting of a $150 million revolving credit facility and a $100 million term loan.
The proceeds from the term loan as well as cash on hand were used to repay the approximately $180 million outstanding term loan prior to its amendment and restatement.
The key features of the amended and restated credit facility include:
Erik Staffeldt , senior vice president and chief financial officer of Helix, said: “Extending the maturity of our term loan from 2018 to 2020 provides the company with greater financial flexibility for the completion of our capital expansion program in 2018. In addition, as part of this transaction we reduced our gross debt by approximately $80 million to $544 million.”
BofA Merrill Lynch and Wells Fargo Securities, LLC acted as Joint Lead Arrangers and Joint Bookrunning Managers of the new facilities. Bank of America, N.A. will continue to serve as Administrative Agent.