Blake Offshore Closes US $160 Million Senior Secured Credit Facilities

Blake Offshore's debt financing has been successfully placed with institutional investors. The financing includes a five year US $10 million Revolving Credit Facility; a seven year US $125 million Term Loan B Facility; and a seven year US $25 million Delayed Draw Term Loan Facility.

"With the completion of this financing, Blake has put in place a long capital structure with the ability to fund any growth opportunities that may come along," according to Mike Blake, President and Chief Executive Officer.

After closing the transaction, Blake realized net proceeds from the Term Loan B Facility of approximately US $12.5 million after repayment of Blake's existing debt and deduction for expenses. Blake has access to a US $10 million Revolving Credit Facility, of which US $0 is drawn, and the US $25 million Delayed Draw Term Loan Facility.

The Credit Facilities were unrated.

UBS Securities, LLC acted as Lead Arranger and Sole Bookrunner with Barclays Capital acting as Syndication Agent. The syndicate also included Golden Tree Asset Management and Whitney national Bank.