Houston-based GulfMark Offshore Inc., a provider of marine transportation services to the energy industry, has completed a new $200 million term-loan facility that 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 principal repayments of $8.3 million, and will mature on December 31, 2012.
The proceeds, in conjunction with $20.6 million of cash on hand, were used to repay the remaining outstanding principal under the prior facility of $220.6 million.
The Royal Bank of Scotland plc served as lender, arranger, agent, and security trustee for the new facility.