Helix Extends its Revolving Credit Facility
Helix Energy Solutions Group, Inc. (NYSE: HLX) has amended its asset-based revolving credit facility (ABL Facility). The key changes include:
1. Extension of the term from September 30, 2026 to August 2, 2029, subject to earlier senior debt maturities.
2. Increase in the letter of credit basket size from $20 million to $55 million.
Erik Staffeldt, Executive VP and CFO, stated that the amendment provides financial flexibility for operational bonding requirements, including an upcoming campaign in Nigeria on the Q4000. The extension aligns with Helix's simplified capital structure, with no significant debt maturities until 2029. Bank of America, N.A. continues as the Administrative Agent for the ABL Facility.
Helix Energy Solutions Group, Inc. (NYSE: HLX) ha modificato la sua linea di credito revolving basata su attivi (ABL Facility). Le principali modifiche includono:
1. Estensione della scadenza dal 30 settembre 2026 al 2 agosto 2029, soggetto a scadenze di debito senior precedenti.
2. Aumento della dimensione del basket di lettere di credito da 20 milioni di dollari a 55 milioni di dollari.
Erik Staffeldt, Vicepresidente Esecutivo e CFO, ha dichiarato che la modifica offre flessibilità finanziaria per i requisiti di garanzia operativa, inclusa una campagna imminente in Nigeria sul Q4000. L'estensione è in linea con la struttura di capitale semplificata di Helix, senza scadenze di debito significative fino al 2029. Bank of America, N.A. continua a fungere da Agente Amministrativo per la ABL Facility.
Helix Energy Solutions Group, Inc. (NYSE: HLX) ha modificado su línea de crédito revolving basada en activos (ABL Facility). Los cambios clave incluyen:
1. Prórroga del plazo del 30 de septiembre de 2026 al 2 de agosto de 2029, sujeto a vencimientos de deuda senior anteriores.
2. Aumento del tamaño del fondo de cartas de crédito de 20 millones de dólares a 55 millones de dólares.
Erik Staffeldt, Vicepresidente Ejecutivo y CFO, declaró que la enmienda proporciona flexibilidad financiera para los requisitos de garantía operativa, incluida una campaña próxima en Nigeria con el Q4000. La extensión se alinea con la estructura de capital simplificada de Helix, sin vencimientos significativos de deuda hasta 2029. Bank of America, N.A. continúa como Agente Administrativo para la ABL Facility.
헬릭스 에너지 솔루션 그룹, Inc. (NYSE: HLX)는 자산 기반 회전 신용 시설(ABL Facility)을 개정했습니다. 주요 변경 사항은 다음과 같습니다:
1. 기한 연장: 2026년 9월 30일부터 2029년 8월 2일로 연장되며, 선순위 채무 만기에 따라 달라질 수 있습니다.
2. 신용장 한도 증가: 2천만 달러에서 5천5백만 달러로 증가합니다.
Erik Staffeldt, 부사장 및 CFO는 이번 개정이 나이지리아에서 Q4000에 관한 다가오는 캠페인을 포함하여 운영 보증 요구 사항에 대한 재정적 유연성을 제공한다고 밝혔습니다. 이 연장은 헬릭스의 단순화된 자본 구조와 일치하며, 2029년까지 중요한 부채 만기가 없습니다. 뱅크 오브 아메리카, N.A.는 ABL Facility의 관리 에이전트로 계속 활동하고 있습니다.
Helix Energy Solutions Group, Inc. (NYSE: HLX) a modifié sa facilité de crédit revolving basée sur des actifs (ABL Facility). Les principales modifications comprennent :
1. Prolongation de la durée du 30 septembre 2026 au 2 août 2029, sous réserve de l'échéance de dettes senior antérieures.
2. Augmentation de la taille du panier de lettres de crédit de 20 millions de dollars à 55 millions de dollars.
Erik Staffeldt, vice-président exécutif et CFO, a déclaré que la modification offre une flexibilité financière pour les exigences de garantie opérationnelle, y compris une campagne à venir au Nigeria sur le Q4000. Cette extension s'aligne avec la structure de capital simplifiée de Helix, sans échances significatives de dette jusqu'en 2029. Bank of America, N.A. continue de jouer le rôle d'agent administratif pour l'ABL Facility.
Helix Energy Solutions Group, Inc. (NYSE: HLX) hat seine asset-basierte revolvierende Kreditfazilität (ABL Facility) geändert. Die wichtigsten Änderungen umfassen:
1. Verlängerung der Frist vom 30. September 2026 bis zum 2. August 2029, vorbehaltlich früherer Fälligkeiten von Senior-Darlehen.
2. Erhöhung der Größe des Kreditbrieftopfes von 20 Millionen auf 55 Millionen Dollar.
Erik Staffeldt, Executive VP und CFO, erklärte, dass die Änderung finanzielle Flexibilität für betriebliche Bürgschaftsanforderungen bietet, einschließlich einer bevorstehenden Kampagne in Nigeria für das Q4000. Die Verlängerung steht im Einklang mit der vereinfachten Kapitalstruktur von Helix, da bis 2029 keine wesentlichen Schuldenfälligkeiten anstehen. Die Bank of America, N.A. bleibt der Verwaltungsagent für die ABL Facility.
- Extension of ABL Facility term to August 2, 2029, providing long-term financial stability
- Increase in letter of credit basket size from $20 million to $55 million, offering greater financial flexibility
- Improved ability to address operational bonding requirements, including for the upcoming Nigeria campaign
- Alignment with simplified capital structure, with no significant debt maturities until 2029
- None.
Helix Energy Solutions Group's amendment to its ABL Facility is a positive development for the company's financial flexibility. The extension of the facility's term to August 2, 2029 aligns with their debt maturity profile, providing stability in their capital structure. The increased letter of credit basket from
This expanded capacity is important for supporting projects like the upcoming Nigeria campaign on the Q4000, potentially enabling Helix to take on larger contracts without straining their liquidity. The amendment demonstrates continued lender confidence in Helix's business model and financial health. However, investors should note that while this provides operational flexibility, it doesn't directly impact the company's revenue or profitability in the short term.
The amendment to Helix's ABL Facility reflects the evolving landscape of the offshore energy services sector. With a focus on well intervention, robotics and decommissioning, Helix is positioning itself at the intersection of traditional oil and gas services and the growing demand for renewable energy support. The extended credit facility provides Helix with a stable financial foundation to navigate this transition.
The increased letter of credit capacity is particularly relevant given the rising global emphasis on environmental responsibilities in offshore operations. This could allow Helix to more easily secure contracts that require substantial bonding, especially in regions with stringent regulatory environments. Investors should view this as a strategic move that could enhance Helix's competitiveness in both traditional and emerging offshore energy markets.
Erik Staffeldt, Executive Vice President and Chief Financial Officer of Helix, commented, “We are pleased to have amended our ABL Facility. The increased letter of credit basket size provides us with financial flexibility to address operational bonding requirements, including for our upcoming campaign in
Bank of America, N.A. continues to serve as Administrative Agent for the ABL Facility.
About Helix
Helix Energy Solutions Group, Inc., headquartered in
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: the ABL Facility and any amendment or extension thereof, our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions, joint ventures or other transactions, including the integration of the Alliance acquisition and any subsequently identified legacy issues with respect thereto; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; future economic conditions or performance; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; results from mergers, acquisitions, joint ventures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; complexities of global political and economic developments; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240802510059/en/
Erik Staffeldt, Executive Vice President and CFO
Ph: 281-618-0465
email: estaffeldt@helixesg.com
Source: Helix Energy Solutions Group, Inc.
FAQ
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