Cal Dive Gives Further Update on Revolving Credit Facility Refinancing
06 October 2014 - 10:00PM
Business Wire
Cal Dive International, Inc. (NYSE:DVR) (the
“Company”) announced today that it is continuing to work with
several financial institutions towards a refinancing of the
Company’s first lien revolving credit facility in an amount up to
its previous capacity of $125.0 million, and expects the
refinancing to be completed by the end of this week. The Company is
also working with its existing second lien facility lenders on an
amendment to that facility that will be entered into at the same
time as the refinancing is closed. Although the refinancing was not
finalized by the September 30 deadline required by the terms of
waivers previously granted by the Company’s existing first lien
revolving credit facility lenders and second lien facility lenders,
those lenders are working cooperatively with the Company to allow
extra time needed to complete the refinancing.
About Cal Dive International, Inc.
Cal Dive International, Inc., headquartered in Houston, Texas,
is a marine contractor that provides manned diving, pipelay and
pipe burial, platform installation and salvage, and light well
intervention services to the offshore oil and natural gas industry
on the Gulf of Mexico OCS, Northeastern U.S., Latin America,
Southeast Asia, China, Australia, West Africa, the Middle East, and
Europe, with a diversified fleet of dive support vessels and
construction barges.
Cautionary Statement
This press release may include “forward-looking” statements that
are generally identifiable through the use of words such as
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,”
“project” and similar expressions and include any statements that
are made regarding earnings expectations. The forward-looking
statements speak only as of the date of this release, and the
Company undertakes no obligation to update or revise such
statements to reflect new information or events as they occur.
These statements are based on a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company.
Investors are cautioned that any such statements are not guarantees
of future performance and that actual future results may differ
materially due to a variety of factors. Factors that could cause
the Company’s results to differ materially include the Company’s
significant indebtedness and constraints on the Company’s
liquidity, current economic and financial market conditions,
changes in commodity prices for natural gas and oil, and in the
level of offshore exploration, development and production activity
in the oil and natural gas industry, the Company’s inability to
obtain contracts with favorable pricing terms if there is a
downturn in its business cycle, intense competition and pricing
pressure in the Company’s industry, the risks of cost overruns on
fixed price contracts, the uncertainties inherent in competitive
bidding for work, the operational risks inherent in the Company’s
business, risks associated with the Company’s increasing presence
internationally, and other risks detailed in the Company’s most
recently filed Annual Report on Form 10-K.
Cal Dive International, Inc.Ike Smith, 713-243-2713Vice
President-Finance
Cal Dive (CE) (USOTC:CDVIQ)
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