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.
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