Cal Dive Announces $150 Million Revolving Credit Facility
2004年8月18日 - 8:00AM
PRニュース・ワイアー (英語)
Cal Dive Announces $150 Million Revolving Credit Facility HOUSTON,
Aug. 17 /PRNewswire-FirstCall/ -- Cal Dive International, Inc.
(NASDAQ:CDIS) today announced that it has entered into a four-year,
$150 million revolving credit facility with Bank of America, N.A.
(administrative agent and lead arranger); Whitney Bank
(documentation agent); Southwest Bank of Texas, N.A. (syndication
agent); Bank One, N.A.; Comerica Bank; Natexis Bank; and Union
Planters Bank. The amount available under the facility may be
increased to $250 million at any time with the agreement of Cal
Dive and existing or additional lenders. The new credit facility,
which replaces the company's $70 million asset- based revolving
facility, is secured by the stock in certain CDI subsidiaries and
contains a negative pledge on assets. The facility bears interest
at LIBOR plus 75 to 175 basis points depending on CDI leverage and
contains financial covenants relative to CDI's level of debt to
EBITDA, fixed charge coverage and book value of assets coverage. A.
Wade Pursell, Chief Financial Officer of Cal Dive, commented, "One
of our stated goals at the beginning of this year was to establish
a flexible credit/capital structure to enable acquisitions in our
Oil and Gas Production segment (both PUD's and mature properties)
and our Production Facilities segment (Marco Polo - type
transactions). This facility, which will initially be undrawn upon,
achieves this goal. We are very pleased with the terms of this
facility and the confidence demonstrated by the bank group." Cal
Dive International, Inc., headquartered in Houston, Texas, is an
energy service company which provides alternate solutions to the
oil and gas industry worldwide for marginal field development,
alternative development plans, field life extension and
abandonment, with service lines including marine diving services,
robotics, well operations, facilities ownership and oil and gas
production. This press release contains forward-looking statements
that involve risks, uncertainties and assumptions that could cause
our results to differ materially from those expressed or implied by
such forward-looking statements. All statements, other than
statements of historical fact, are statements that could be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, any projections of revenue, gross margin, expenses,
earnings or losses from operations, or other financial items; any
statements of the plans, strategies and objectives of management
for future operations; any statement concerning developments,
performance or industry rankings relating to services; any
statements regarding future economic conditions or performance; any
statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. The risks,
uncertainties and assumptions referred to above include the
performance of contracts by suppliers, customers and partners;
employee management issues; as described from time to time in our
reports filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ending December 31, 2003. We assume no obligation and do not intend
to update these forward-looking statements. DATASOURCE: Cal Dive
International, Inc. CONTACT: Wade Pursell, Chief Financial Officer
of Cal Dive International, Inc., +1-281-618-0400, or fax,
+1-281-618-0505 Web site: http://www.caldive.com/
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