Helix Energy Solutions amends loan, pushing out revolver maturity

By Sara Rosenberg

New York, Oct. 13 - Helix Energy Solutions Group Inc. amended its credit facility, extending the revolver maturity date to Nov. 30, 2012 from July 1, 2011 and revising pricing, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Pricing on non-extended revolver can range from Libor plus 100 basis points to 225 bps and the commitment fee can range from 20 bps to 50 bps, based on leverage.

Pricing on extended revolver can range from Libor plus 300 bps to 400 bps, based on leverage, and the commitment fee is set at 50 bps.

In addition, the capacity under the revolver was increased to $435 million from $420 million through June 2011, decreasing to $407 million from July 2011 through November 2012, and the accordion feature was increased by $100 million to allow for a maximum facility size of $550 million.

Also, certain restrictive covenants related to asset sales were changed, and the company is now allowed to complete $25 million of stock repurchases or redemptions if $100 million to $200 million of the term loan is repaid, and $50 million of stock repurchases or redemptions if $200 million of the term loan is repaid.

Bank of America is the administrative agent on the deal.

The amendment was completed on Oct. 9.

Helix is a Houston-based offshore energy company.

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