Helix Energy Solutions Group Inc. amended its credit agreement to provide increased financial flexibility through the third quarter of 2017, the company said Feb. 10.
Anthony Tripodo, executive vice president and CFO, said that the company ended 2015 with nearly $750 million in total liquidity.
The credit facility’s revolver commitment was reduced to $400 million, down from $600 million, to save $1 million in commitment fees annually.
The trailing four-quarter maximum leverage ratio for the quarter ending March 31 was increased to 5.5x and then decreased to 3.5x by Dec. 31, 2017.
A cash requirement covenant of $50 million will be added if the leverage ratio exceeds 3.5x; if it exceeds 4x, $100 million will be added and if it exceeds 4.5x, $150 million will be added.
Helix Energy Solutions Group Inc. is based in Houston.
Recommended Reading
Deep Well Services, CNX Launch JV AutoSep Technologies
2024-04-25 - AutoSep Technologies, a joint venture between Deep Well Services and CNX Resources, will provide automated conventional flowback operations to the oil and gas industry.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
TotalEnergies, Vanguard Renewables Form RNG JV in US
2024-04-24 - Total Energies and Vanguard Renewable’s equally owned joint venture initially aims to advance 10 RNG projects into construction during the next 12 months.
Sitio Royalties Dives Deeper in D-J with $150MM Acquisition
2024-02-29 - Sitio Royalties is deepening its roots in the D-J Basin with a $150 million acquisition—citing regulatory certainty over future development activity in Colorado.