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.

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