Atwood Oceanics amends loan to change rates and debt-to-EBITDA requirement

By Sara Rosenberg

New York, Nov. 13 - Atwood Oceanics Inc. amended its $250 million senior secured credit facility to change the interest rates (see table 1) and increase the debt-to-EBITDA ratio requirement for the quarters ended Dec. 31, 2003, March 31, 2004 and June 30, 2004.

Nordea Bank is the administrative agent on the deal.

The redefined allowed ratio limits of debt to EBITDA is 5.75 at Sept. 30, 2003, 6.25 at Dec. 31, 2003, 5.50 at March 31, 2004 and June 30, 2004, 4.00 at Sept. 30, 2004 and 3.00 thereafter, according to a filing with the Securities and Exchange Commission.

Atwood is a Houston drilling contractor.

Table 1: New spread on Atwood Oceanics' credit facility

Leverage Ratio Percentage

Greater than 5:1 2.875%

Greater than 4:1 but less than or equal to 5:1 2.625%

Greater than 3:1 but less than or equal to 4:1 2.25%

Greater than 2:1 but less than or equal to 3:1 2.00%

Greater than 1:1 but less than or equal to 2:1 1.75%

Less than or equal to 1:1 1.50%

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