Helix Energy lifts revolver to $600 million, extends maturity to 2015

By Marisa Wong

Madison, Wis., June 8 - Helix Energy Solutions Group, Inc. announced that it amended and extended its senior credit agreement. Helix increased its revolving credit facility to $600 million from $435 million and extended the maturity date to July 1, 2015 from Nov. 30, 2012.

If certain subordinated debt has been refinanced or repaid in full by July 1, 2015, then the maturity date will be Jan. 1, 2016.

Borrowings under the amended senior credit agreement bear interest based on current market rates.

In addition, Helix paid down $109.4 million of its term loan, reducing the principal balance to $300 million. The maturity date for the term loan was extended to July 1, 2015 from July 1, 2013, or if certain subordinated debt has been refinanced or repaid in full by July 1, 2015, to July 1, 2016.

"The successful extension of our credit agreement and increase in the revolving credit facility further enhances our liquidity position," said Tony Tripodo, executive vice president and chief financial officer of Helix.

"A strong credit market environment led to a very successful syndication of our credit agreement and we are very appreciative of the support from our term loan lenders and bank group."

Helix is a Houston-based offshore energy company.

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