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Cal Dive plans to refinance $125 million first-lien revolver by Friday
By Susanna Moon
Chicago, Oct. 6 – Cal Dive International, Inc. said it expects to refinance its $125 million first-lien revolving credit facility by Friday.
The refinancing needed to be finalized by Sept. 30 under the terms of waivers by the company’s first-lien revolver lenders and second-lien facility lenders, but the lenders are “working cooperatively with the company to allow extra time needed to complete the refinancing,” according to a company press release.
The company said it is also working with its existing second-lien facility lenders on an amendment to that facility, which will close at the same time the refinancing is completed.
The company said on Oct. 2 that it sought to refinance the facility by last Friday.
Cal Dive is a Houston-based marine contractor that provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry.
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