Gulfmark Offshore filed with the U.S. Bankruptcy Court an exit financing commitment letter, which noted, “In furtherance of securing the exit facility agreement contemplated by the plan, the debtor has entered into an exit financing commitment letter dated September 29, 2017, between DNB Capital and one or more funds managed and/or advised by Hayfin Capital Management, GulfMark Rederi, as borrower, and the debtor and certain other non-Debtor affiliates, as guarantors.”
According to a related 8-K filing, GulfMark Rederi is borrowing $25 million under a senior secured revolver, including a $12.5 million swingline loan and a $5 million letter of credit and, in addition, a $100 million term loan with a 60-month maturity date. DNB Bank ASA will act as administrative agent and DNB Markets will act as sole lead arranger.
The applicable margin for any LIBOR loan is 625 basis points per annum, for any ABR loan is 535 basis points per annum. Loans under the swingline facility will in all cases be ABR loans.