GulfMark Completes New $200MM Term-Loan Facility

GulfMark Offshore has completed a new $200 million term-loan facility. The term-loan facility replaces a similar facility maturing June 30, 2010. The new facility will bear interest at LIBOR plus a margin of 2.5% (compared to LIBOR plus a margin of 1.5% under the prior facility), will have quarterly principle repayments of $8.3 million, and will mature on December 31, 2012. Please refer to the company's SEC filings for additional information on this new facility.

The proceeds from the new $200 million facility, in conjunction with $20.6 million of cash on hand, were used to repay the remaining outstanding principle under the prior facility of $220.6 million.

The Royal Bank of Scotland plc served as lender, arranger, agent, and security trustee for the new facility.