Helix Extends Terms of Revolving Credit Facility
Helix has successfully extended its revolving credit facility from July 1, 2011 to November 30, 2012. In addition, Helix's lenders agreed to amend certain restrictive covenants related to asset sales and furthermore, increased the amount of capacity under the revolving credit facility to $435 million through June 2011, decreasing to $407 million from July 2011 through November 2012. The revolving credit facility's accordion feature was also increased to allow for a potential increase in the maximum size of the facility from $450 million to $550 million. The July 1, 2013 maturity date of Helix's senior secured term loan under the credit agreement remains unchanged. Lastly, borrowings under the amended revolver will bear interest based on current market rates. Presently, Helix has no outstanding borrowings under the revolving credit facility.
Tony Tripodo, Executive Vice President and Chief Financial Officer of Helix, stated, "Our ability to extend the maturity of our revolving credit facility reflects the enhanced financial position of the Company while the amendments provide Helix with more flexibility in terms of our efforts to monetize non-core assets."
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