GulfMark Offshore completed its financial restructuring plan and emerged from bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code.
The company’s court-approved plan of reorganization converts approximately $429.6 million of outstanding bonds into equity and raises approximately $125 million of new equity capital.
“GulfMark is now positioned as one of the best-capitalized companies in the global offshore industry,” said Quintin Kneen, president and CEO. “With significantly improved financial strength, we are poised to build upon the world-class service we provide to our customers while capitalizing on value enhancing opportunities for our shareholders.”
Gulmark’s subsidiary, GulfMark Rederi entered into an agreement with DNB Bank, New York Branch, as agent, DNB Capital as revolving lender and as swingline lender, and certain funds managed by Hayfin Capital Management as term lenders, providing for two credit facilities: a senior secured revolving credit facility and a senior secured term loan facility.
The revolving credit facility provides for loans of up to $25 million including a $12 million swingline loan subfacility and a $5 million letter of credit subfacility. The term loan facility provides a $100 million term loan, which has been funded in full. The revolving credit facility is available in U.S. dollars, Norwegian krone, British pounds sterling and euros. The final maturity date for the facilities is November 14, 2022. GulfMark’s previously outstanding credit facilities have been repaid and terminated.
GulfMark Offshore provides marine transportation services to the energy industry through a fleet of offshore support vessels serving every major offshore energy industry market in the world.