Superior Offshore Secures $80 Million Loan Commitment
Superior Offshore International has received an $80 million, 5-year term loan commitment from AIG Equipment Finance Company. This new facility will replace the Company's existing $55 million term loan with Fortis Capital Corp and will have an interest rate of LIBOR plus 400 basis points, with a scheduled rate reduction upon the delivery of the Superior Achiever.
"The expanded term loan facility will provide us with additional capital flexibility to fund future capital expenditures associated with the Superior Achiever, our DP-III vessel, which is under construction and is expected to go into service in the second half of 2008," said Jim Mermis, Superior Offshore's President and Chief Executive Officer.
The new term loan facility is expected to be closed on or before Dec. 21, 2007, in accordance with the terms of the Company's November 14, 2007 waiver from Fortis Capital.
- Superior Offshore Confirms Effective Date for Plan of Liquidation (Feb 11)
- Superior Offshore Requests Termination of Registration (May 15)
- Superior Offshore Accepts Resignation of Certain Directors, Officers (Apr 25)