LONDON (Alliance News) - Gulf Marine Services PLC, a provider of self-propelled self-elevating support vessels, on Tuesday said it has secured a new USD620.0 million debt facility.
The company said the syndicated loan facility combines Islamic and conventional financing and will replace its existing funding facilities with no changes to the previous borrowing covenants.
The facility has a term of six years and comprises a USD375.0 million term loan, a USD175.0 million committed capex facility and USD70.0 million for general working capital purposes. A further USD300.0 million uncommitted facility has also been agreed.
"The group is pleased to announce this substantial new debt facility, which both extends the maturity of our debt profile and has been achieved with a helpful improvement in the borrowing margins compared to our previous financing arrangements. This is testament to the banking community's confidence in our business model and prospects in the current low oil price environment. We have the right capital structure in place to continue our strategy for delivering long-term growth," Chief Executive Duncan Anderson said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Gulf Marine Services (GMS)