Cal Dive Executes Commitment Letters for Refinancing of Revolving Credit Agreement
22 August 2014 - 1:00PM
Business Wire
Cal Dive International, Inc. (NYSE:DVR) announced today that it
has executed commitment letters with three financial institutions
providing for a $125 million senior secured credit facility that
may consist of both a term facility and revolving facility to
refinance the Company’s existing revolving credit facility and
provide additional liquidity to the Company. The commitment letters
are subject to customary closing conditions. As previously
disclosed, the Company was required to provide executed commitment
letters acceptable to its existing revolving lenders for the
refinancing of its revolving credit facility by August 27, 2014, or
waivers with respect to the Company’s loan agreements would have
expired on September 2, 2014. The revolving lenders have confirmed
that the commitment letters obtained by the Company are acceptable
and the waiver period will not expire until September 30, 2014. The
Company expects to complete the refinancing of the revolving credit
facility in advance of the expiration of the waivers. Upon
completion of the refinancing and related amendments to the
financial covenants under its loan agreements, the Company expects
that all of its indebtedness will be reclassified to long-term debt
on its balance sheet.
About Cal Dive International, Inc.
Cal Dive International, Inc., headquartered in Houston, Texas,
is a 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
on the Gulf of Mexico OCS, Northeastern U.S., Latin America,
Southeast Asia, China, Australia, West Africa, the Middle East, and
Europe, with a diversified fleet of dive support vessels and
construction barges.
Cautionary Statement
This press release may include “forward-looking” statements that
are generally identifiable through the use of words such as
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,”
“project” and similar expressions and include any statements that
are made regarding earnings expectations. The forward-looking
statements speak only as of the date of this release, and the
Company undertakes no obligation to update or revise such
statements to reflect new information or events as they occur.
These statements are based on a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company.
Investors are cautioned that any such statements are not guarantees
of future performance and that actual future results may differ
materially due to a variety of factors, including the Company’s
significant indebtedness and constraints on the Company’s
liquidity, current economic and financial market conditions,
changes in commodity prices for natural gas and oil, and in the
level of offshore exploration, development and production activity
in the oil and natural gas industry, the Company’s inability to
obtain contracts with favorable pricing terms if there is a
downturn in its business cycle, intense competition and pricing
pressure in the Company’s industry, the risks of cost overruns on
fixed price contracts, the uncertainties inherent in competitive
bidding for work, the operational risks inherent in the Company’s
business, risks associated with the Company’s increasing presence
internationally, and other risks detailed in the Company’s most
recently filed Annual Report on Form 10-K.
Cal Dive International, Inc.Ike Smith, 713-243-2713Vice
President - Finance
Cal Dive (CE) (USOTC:CDVIQ)
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