Cal Dive International Inc Announces Executive Changes
Jun 18 14
Cal Dive International Inc. announced that Brent D. Smith, the company's Chief Financial Officer, voluntarily resigned from the Company effective June 13, 2014 to pursue other opportunities. Until new Chief Financial Officer is named, Mr. Quinn J. Hébert, the Company's Chairman, President and Chief Executive Officer will assume the additional responsibilities of Chief Financial Officer of the Company. Mr. Smith has agreed to make himself available to assist during the transition.
Cal Dive International Inc Presents at 2014 Louisiana Energy Conference, Jun-12-2014 02:00 PM
May 28 14
Cal Dive International Inc Presents at 2014 Louisiana Energy Conference, Jun-12-2014 02:00 PM. Venue: Westin Canal Place Hotel, 100 Iberville Street, New Orleans, Louisiana, United States. Speakers: John R. Abadie, Chief Operating Officer and Executive Vice President.
Cal Dive International Inc Enters into Amendment to Credit Agreement
May 15 14
Effective May 9, 2014, Cal Dive International Inc. entered into Amendment No. 8 to its Credit Agreement dated as of April 26, 2011, among the Company, Bank of America, N.A., as Administrative Agent, and the other lenders parties thereto to: (i) reduce the aggregate principal amount of second lien debt the Company may incur from $150.0 million to $100.0 million; (ii) give pro forma effect to the second lien debt in calculating the consolidated leverage ratio covenant for the fiscal quarter ended March 31, 2014; and (iii) increase the amount of third party project financing that the Company is allowed to obtain in connection with foreign projects from $30.0 million to $75.0 million and exclude any such financing from the consolidated leverage ratio. As part of the Amendment, the size of the revolving credit facility portion under the Credit Agreement will be further decreased by $5.0 million per month from July 31, 2014 to December 31, 2014, until reduced to $85.0 million. On May 9, 2014, the also Company entered into an amendment and restatement of the credit agreement for its $20.0 million unsecured term loan with ABC Funding, LLC, as Administrative Agent, and an affiliate of Summit Capital Advisors, LP, and other lenders party thereto, that provides for a $100.0 million senior secured second lien term loan facility maturing in 2019. The $20.0 million unsecured term loan has been converted into a second lien term loan of equivalent amount, constituting the first tranche under the Second Lien Facility. A second tranche consisting of an $80.0 million second lien term loan under the Second Lien Facility was funded at closing. The Company received approximately $75.7 million of net proceeds from the second tranche, after deducting closing costs and transaction expenses, and the Company used the net proceeds to repay the remaining $29.7 million outstanding under the term loan under the Company's Credit Agreement, and to repay $45.0 million of the outstanding borrowings under the revolving credit facility portion of the Credit Agreement. Both tranches of the term loan under the Second Lien Facility mature on May 9, 2019, with no scheduled amortization of the term loans prior to maturity. Interest on the Second Lien Facility is payable on the last day of each calendar month in arrears, beginning on May 30, 2014. The $20.0 million tranche bears interest at LIBOR (1% floor) plus 6.75% and the $80.0 million tranche bears interest at LIBOR (1% floor) plus 11.75% so long as the Company's consolidated applicable margin leverage ratio, as defined in the Second Lien Facility, is less than 3.00x. The Second Lien Facility contains representations and affirmative covenants similar to those in the Credit Agreement. The Second Lien Facility requires that the Company meet certain financial covenants, including a minimum fixed charge coverage ratio of 1.0x, minimum trailing twelve month EBITDA of $30.0 million, and a consolidated secured leverage ratio of no more than 5.25x for the quarter ending June 30, 2014, reducing to 5.00x for the quarter ending September 30, 2014, and 4.75x for the quarter ending December 31, 2014. The ratio is further reduced to 4.50x for the quarters ending March 31 and June 30, 2015, and to 4.25x for the quarters ending September 30 and December 31, 2015, and to 4.00x thereafter. The consolidated secured leverage ratio also excludes any third party project financing obtained by the Company under the $75.0 million allowance provided by the Amendment.