Atwood Oceanics amended its senior secured revolving credit facility. Among other things, the amendment removes the maximum leverage ratio financial covenant and delays the implementation of an interest coverage ratio covenant until July 2018.
Nordea Bank was administrative agent for the transaction.
The amendment adds a new minimum liquidity financial covenant and reduces the aggregate principal amount of commitments by $152 million.
“This amendment removes uncertainty relating to the company’s access to our credit facility during this challenging time for our industry. We continue to believe that Atwood Oceanics has sufficient liquidity to weather this downturn and to participate fully in the market recovery,” said Rob Saltiel, Atwood president and CEO.
Atwood Oceanics is an offshore drilling contractor engaged in the drilling and completion of exploratory and developmental wells for the global oil and gas industry.