DeepOcean Group Holding B.V. today announced that its Credit Facility Agreement has been amended to facilitate DeepOcean’s growth plans, the company said in its press release.
The main terms of the amendment are extension of original maturity date with two years to February 2018, postponement of commencement of term loan amortization until February 2016 and an increase of €15 million in the ancillary facility for guarantees to €30 million. DeepOcean’s cost of borrowing under the Facility remains unchanged.
"Our expanded Credit Facility Agreement reflects our strong operational performance and robust balance sheet. With these changes we have enhanced our financial capacity to pursue our growth objectives," said Dennis de Vreede, chief financial officer, DeepOcean.
ABN AMRO Bank N.V., Barclays Plc, Sparebank 1 SR-Bank ASA, NIBC Bank N.V. and RB International Finance (USA) LLC are the lenders in the Facility. The amended Facility consists of a €110 million senior secured revolving credit facility, which includes the ancillary facility for guarantees, and a €30 million senior secured term loan facility.