Gulf Marine Services (LSE:GMS), the leading provider of advanced selfpropelled selfelevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, today announced it has secured a new US$620 million debt facility.
The syndicated loan facility combines Islamic and conventional financing and will replace the Group’s existing funding facilities with no changes to the previous borrowing covenants. The facility has a term of six years and comprises a US$375 million term loan, a US$175 million committed capex facility and US$70 million for general working capital purposes; a further US$300 million uncommitted facility has also been agreed.
Duncan Anderson, Chief Executive Officer of GMS, said:
“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 longterm growth.”