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Gulfmark Offshore Bankruptcy Exit Financing Detailed

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Gulfmark Offshore filed with the U.S. Bankruptcy Court an exit financing commitment letter, which notes, “In furtherance of securing the Exit Facility Agreement contemplated by the Plan, the Debtor has entered into that certain exit financing commitment letter dated September 29, 2017, between DNB Capital LLC and one or more funds managed and/or advised by Hayfin Capital Management LLP, Rederi, as borrower, and the Debtor and certain other non-Debtor affiliates, as guarantors.”

The filing continues, “In connection with, and subject to the confirmation and effectiveness of the Plan, the Debtor intends to refinance certain of its subsidiaries existing indebtedness, as in paragraph 8 of Exhibit B and the Debtor has independently approached and requested that DNB Markets arrange, and that DNB Capital and Hayfin commit to provide the following exit financing credit facilities in the amounts, with GulfMark Rederi AS, a company organized under the laws of Norway and a wholly-owned non-debtor subsidiary of the Debtor, as borrower: a $25.0 million senior secured revolving credit facility (the ‘Revolving Credit Facility’); and a $100.0 million senior secured term loan facility (the ‘Term Loan Facility’).”

In addition, “The Facility amounts in respect of the RCF, is USD 25,000,000, including a USD 12,500,000 swingline loan sub-facility and a USD 5,000,000 letter of credit subfacility; and in respect of the TL, the amount is USD 100,000,000. The applicable margin for any LIBOR loan is 625 basis points per annum, for any ABR loan is 525 basis points per annum. The Closing Date is the date on which the Credit Agreement is signed, however no later than October 31, 2017.” DNB Markets will act as sole lead arranger; and DNB Bank ASA, New York Branch will act as administrative agent.

Read more Gulfmark bankruptcy news.

The post Gulfmark Offshore Bankruptcy Exit Financing Detailed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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