GulfMark Announces Completion of New $200 Million Term-Loan Facility
(PressMethod) - GulfMark Offshore, Inc. (NYSE:GLF - News) today announced the completion of a new $200.0 million term-loan facility. The term-loan facility replaces a similar facility maturing June 30, 2010. The new facility will bear interest at LIBOR plus a margin of 2.5% (compared to LIBOR plus a margin of 1.5% under the prior facility), will have quarterly principle repayments of $8.3 million, and will mature on December 31, 2012. Please refer to the company's SEC filings for additional information on this new facility.
The proceeds from the new $200.0 million facility, in conjunction with $20.6 million of cash on hand, were used to repay the remaining outstanding principle under the prior facility of $220.6 million.
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