Helix amends credit facility

Helix Energy Solutions Group Inc. (NYSE: HLX) has amended its credit agreement to provide the company with increased financial flexibility through the third quarter of 2017.

The amendment included:

  • Increasing the trailing four quarter maximum leverage ratio to 5.5x for the quarter ending March 31, then decreasing gradually over successive quarters to 3.5x by Dec. 31, 2017
  • Decreasing the trailing four quarter minimum interest coverage ratio to 2.5x for the quarter ending March 31, then increasing to 3.0x by June 30, 2017
  • Reducing the credit facility revolver commitment from $600 million to $400 million, which will save the company $1 million annually in commitment fees
  • Adding a cash requirement covenant of $50 million if our leverage ratio exceeds 3.5x, $100 million if it exceeds 4.0x and $150 million if it exceeds 4.5x.

Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...