Daily News: November 12, 2013

Barclays, Others Provide $147MM Facility to Deep Ocean

Barclays, ABN AMRO, Sparebank 1 SR-Bank ASA, NIBC and RB International Finance provided a $147 million credit facility to DeepOcean to facilitate the company’s growth plans.

The amended facility consists of a $147 million (€110 million) senior secured revolving credit facility, which includes the ancillary facility for guarantees and a $40 million (€30 million) senior secured term loan facility.

The main terms of the amendment are extension of original maturity date with two years to February 2018, postponement of commencement of term loan amortization until February 2016 and an increase of $20 million (€15 million) in the ancillary facility for guarantees to $40 million (€30 million). DeepOcean’s cost of borrowing under the facility remains unchanged.

“Our expanded credit facility agreement reflects our strong operational performance and robust balance sheet. With these changes we have enhanced our financial capacity to pursue our growth objectives,” said Dennis de Vreede, CFO, DeepOcean.

Norway-based DeepOcean is an integrated provider of technologies and services for the subsea industry.