Civeo Corporation Announces Replacement of its Credit Agreement

Source: www.gulfoilandgas.com 9/8/2021, Location: North America

Civeo Corporation announced the completion of a replacement and refinancing of its credit agreement. The new syndicated facility agreement, which consists of a Canadian term loan and three revolving credit facilities, encompasses all of Civeo’s outstanding debt structure. In the leverage neutral transaction, the Canadian term loan was reduced to C$100 million (approximately US$80 million), compared to an outstanding balance of C$216 million (approximately US$175 million) as of June 30, 2021. This reduction was funded via a draw on the Canadian revolving credit facility in an equal and offsetting amount. The syndicated facility agreement has a maturity date of September 8, 2025. In addition, among other things, the new syndicated facility agreement:

- Increases the total revolving commitment to US$200 million;
- Changes the maximum leverage ratio to a maximum total net leverage ratio, and adjusts the level of the ratio from 3.50x as of today to 3.25x in the fourth quarter of 2021 and first quarter of 2022 and 3.00x in the second quarter of 2022 and thereafter;
- Requires term loan amortization payments of C$10 million per quarter; and
- Reduces interest rates for leverage ratios less than 2.0x.

“We are pleased to announce this new bank agreement, which provides the Company with four years of tenor on all three revolving credit facilities. This longer tenor allows Civeo even more flexibility to continue to generate free cash flow and reduce our debt levels while also evaluating other capital allocation priorities such as our recently announced share repurchase program and potential growth opportunities. We would like to thank our lending group for their continued support,” stated Bradley J. Dodson, Civeo’s President and CEO.

Additional information on the terms of the new agreement can be found in a separate Current Report on Form 8-K to be filed with the Securities and Exchange Commission today.


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