Cal Dive draws $86 million under revolver for stock repurchase

By Jennifer Chiou

New York, Jan. 30 - Cal Dive International Inc. used $86 million of borrowings under its $300 million revolving credit facility to repurchase stock from Helix Energy Solutions Group Inc., according to an 8-K filing with the Securities and Exchange Commission.

Helix, the company's majority stockholder, sold 13,564,669 shares of stock for $86 million or $6.34 per share.

Following the repurchase, Cal Dive said that it has 93,946,409 shares outstanding, of which Helix owns 51%, or 47,942,022 shares.

In addition to the $86 million draw, Cal Dive also borrowed $14 million under the revolver for working capital requirements and general corporate purposes.

After those borrowings, the company said it has $192.5 million available under the revolver, and $7.5 million of the revolver is being used to support letters of credit.

Cal Dive is a Houston-based marine contractor.

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