Minnesota
(State or other jurisdiction
of incorporation)
|
001-32936
(Commission File Number)
|
95-3409686
(IRS Employer Identification No.)
|
|
400 North Sam Houston Parkway East, Suite 400
Houston, Texas
(Address of principal executive offices)
|
281-618-0400
(Registrant’s telephone number,
including area code)
|
77060
(Zip Code)
|
·
|
permits investments in (A) non-guarantor, non-pledged subsidiaries and (B) joint ventures provided that after giving effect to each such investment, a minimum consolidated liquidity requirement of $400 million is met on a pro forma basis;
|
·
|
increases the debt basket for foreign subsidiaries (other than specified foreign subsidiaries that currently are excepted from this debt basket) from $200 million to $400 million provided that such indebtedness is non-recourse to the Company and its other subsidiaries (the “Foreign Subsidiary Basket Debt”); and
|
·
|
removes, to extent they otherwise would be included in the calculation of financial covenants, EBITDA, interest charges and indebtedness related to assets secured by, or otherwise subject to, the indebtedness permitted by the Foreign Subsidiary Basket Debt.
|
Number
|
Description | |
----------- | ---------------- | |
10.1 | Amendment No. 7 to Credit Agreement, dated as of September 26, 2012, by and among Helix, as borrower, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the lenders named thereto. |
HELIX ENERGY SOLUTIONS GROUP, INC. | |||
|
By:
|
/s/ Anthony Tripodo | |
Anthony Tripodo | |||
Executive Vice President and Chief Financial Officer | |||
10.1
|
Amendment No. 7 to Credit Agreement, dated as of September 26, 2012, by and among Helix, as borrower, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the lenders named thereto.
|
T M,9H'10?4J
|
BORROWER
|
HELIX ENERGY SOLUTIONS GROUP, INC. | |||
|
By:
|
/s/ Lloyd Hajdik | |
Name: | Lloyd Hajdik | ||
Title: |
Senior Vice President - Finance
and Chief Accounting Officer
|
||
|
GUARANTORS
|
|
CAESAR HOLDING CO LLC, a Delaware limited liability company
|
|
CANYON OFFSHORE, INC., a Texas corporation
|
|
CANYON OFFSHORE INTERNATIONAL CORP., a Texas corporation
|
|
ENERGY RESOURCE TECHNOLOGY GOM, INC., a Delaware corporation
|
|
HELIX INGLESIDE LLC, a Delaware limited liability company
|
|
HELIX OFFSHORE INTERNATIONAL, INC., a Texas corporation
|
|
HELIX SUBSEA CONSTRUCTION, INC., a Delaware corporation
|
|
HELIX VESSEL HOLDINGS LLC, a Delaware limited liability company
|
|
HELIX WELL OPS INC., a Texas corporation
|
|
NEPTUNE VESSEL HOLDINGS LLC, a Delaware limited liability company
|
|
VULCAN MARINE TECHNOLOGY LLC, a Delaware limited liability company
|
|
By:
|
/s/ Anthony Tripodo | |
Name: | Anthony Tripodo | ||
Title: | Vice President and Treasurer | ||
BANK OF AMERICA, N.A., as Administrative Agent | |||
|
By:
|
/s/ DeWayne D. Rosse | |
DeWayne D. Rosse | |||
Agency Management Officer | |||
BANK OF AMERICA, N.A., as a Lender, L/C
Issuer and Swing Line Lender
|
|||
|
By:
|
/s/ Julie Castano | |
Julie Castano | |||
Vice President | |||
AMEGY BANK NATIONAL ASSOICATION
|
|||
|
By:
|
/s/ G. Scott Collins | |
Name: | G. Scott Collins | ||
Title: | Senior Vice President | ||
CAPITAL ONE, N.A.
|
|||
|
By:
|
/s/ Don Backer | |
Name: | Don Backer | ||
Title: | SVP | ||
COMERICA BANK
|
|||
|
By:
|
/s/ Brenton Bellamy | |
Name: | Brenton Bellamy | ||
Title: | Assistant Vice President | ||
COMPASS BANK
|
|||
|
By:
|
/s/ Stuart Murray | |
Name: | Stuart Murray | ||
Title: | Senior Vice President | ||
CREDIT SUISSE AG, CAYMAN ISLANDS
|
|||
BRANCH | |||
|
By:
|
/s/ Mikhail Faybusovich | |
Name: | Mikhail Faybusovich | ||
Title: | Director |
|
By:
|
/s/ Vipul Dhadda | |
Name: | Vipul Dhadda | ||
Title: | Associate | ||
DEUTSCHE BANK TRUST COMPANY
|
|||
AMERICAS | |||
|
By:
|
/s/ Michael Getz | |
Name: | Michael Getz | ||
Title: | Vice President |
|
By:
|
/s/ Marcus M. Tarkington | |
Name: | Marcus M. Tarkington | ||
Title: | Director | ||
IBERIABANK
|
|||
|
By:
|
/s/ Christopher Dvorachek | |
Name: | Christopher Dvorachek | ||
Title: | Senior Vice President | ||
ING CAPITAL LLC
|
|||
|
By:
|
/s/ Subha Pasumarti | |
Name: | Subha Pasumarti | ||
Title: | Director | ||
NATIXIS
|
|||
|
By:
|
/s/ Carlos Quinteros | |
Name: | Carlos Quinteros | ||
Title: | Managing Director |
|
By:
|
/s/ Daniel Payer | |
Name: | Daniel Payer | ||
Title: | Managing Director | ||
NORDEA BANK FINLAND PLC/LONDON
|
|||
BRANCH | |||
|
By:
|
/s/ Sandra Pavic-Watkinson | |
Name: | Sandra Pavic-Watkinson | ||
Title: | Relationship Manager |
|
By:
|
/s/ Martin Kahm | |
Name: | Martin Kahm | ||
Title: | Head of Offshore & Oil Services, London | ||
RAYMOND JAMES BANK, N.A.
|
|||
|
By:
|
/s/ Scott G. Axelrod | |
Name: | Scott G. Axelrod | ||
Title: | Vice President | ||
RB INTERNATIONAL FINANCE (USA)
|
|||
LLC | |||
|
By:
|
/s/ Shirley Ritch | |
Name: | Shirley Ritch | ||
Title: | Vice President |
|
By:
|
/s/ Peter Armieri | |
Name: | Peter Armieri | ||
Title: | Vice President | ||
WELLS FARGO BANK, N.A.
|
|||
|
By:
|
/s/ Robert Corder | |
Name: | Robert Corder | ||
Title: | Director | ||
WHITNEY BANK, a Louisiana state
|
|||
chartered bank | |||
|
By:
|
/s/ Paul Cole | |
Name: | Paul Cole | ||
Title: | Senior Vice President | ||
FROST BANK
|
|||
|
By:
|
/s/ David Stewart | |
Name: | David Stewart | ||
Title: | Assistant Vice President | ||
Carlyle Azure CLO, Ltd.
|
|||
|
By:
|
/s/ Linda Pace | |
Name: | Linda Pace | ||
Title: | Managing Director | ||
Aberdeen Loan Funding, Ltd
|
|||
By: Highland Capital Management, L.P. As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
[INSERT LENDER NAME]
|
|||
Atrium CDO | |||
|
By:
|
/s/ David H. Lerner | |
Name: | David H. Lerner | ||
Title: | Authorized Signatory | ||
[INSERT LENDER NAME]
|
|||
Atrium II | |||
|
By:
|
/s/ David H. Lerner | |
Name: | David H. Lerner | ||
Title: | Authorized Signatory | ||
[INSERT LENDER NAME]
|
|||
Atrium III | |||
|
By:
|
/s/ David H. Lerner | |
Name: | David H. Lerner | ||
Title: | Authorized Signatory | ||
[INSERT LENDER NAME]
|
|||
Atrium V | |||
By: Credit Suisse Asset Management, LLC, as collateral manager | |||
|
By:
|
/s/ David H. Lerner | |
Name: | David H. Lerner | ||
Title: | Authorized Signatory | ||
[INSERT LENDER NAME]
|
|||
Atrium VI | |||
By: Credit Suisse Asset Management, LLC, as collateral manager | |||
|
By:
|
/s/ David H. Lerner | |
Name: | David H. Lerner | ||
Title: | Authorized Signatory | ||
Ballantyne Funding LLC
|
|||
|
By:
|
/s/ Tara Kenny | |
Name: | Tara Kenny | ||
Title: | Assistant Vice President | ||
Bank of America, N.A.
|
|||
|
By:
|
/s/ Erik Grossman | |
Name: | Erik Grossman | ||
Title: | Vice President | ||
BELHURST CLO LTD. | |||
By: INVESCO Senior Secured Management, Inc. | |||
As Collateral Manager | |||
[INSERT LENDER NAME] | |||
|
By:
|
/s/ Thomas Ewald | |
Name: | Thomas Ewald | ||
Title: | Authorized Signatory | ||
BELL ATLANTIC MASTER TRUST
|
|||
By: Crescent Capital Group LP, its sub-adviser | |||
|
By:
|
/s/ Meric Topbas | |
Name: | Meric Topbas | ||
Title: | Vice President |
|
By:
|
/s/ G. Wayne Hosang | |
Name: | G. Wayne Hosang | ||
Title: | Senior Vice President | ||
Brentwood CLO, Ltd.
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
CIFC Funding 2006-I, Ltd.
|
|||
By: CIFC Asset Management LLC, its Collateral Manager | |||
|
By:
|
/s/ Robert Milton | |
Name: | Robert Milton | ||
Title: | Authorized Signatory |
Hewett's Island CLO II, Ltd.
|
|||
By: CypressTree Investment Management, LLC, its Collateral | |||
Manager | |||
|
By:
|
/s/ Robert Milton | |
Name: | Robert Milton | ||
Title: | Authorized Signatory | ||
Cumberland II CLO Ltd.
|
|||
Marquette Park CLO Ltd. | |||
Schiller Park CLO Ltd. | |||
Burr Ridge CLO Plus Ltd. | |||
Bridgeport CLO II Ltd. | |||
By: Deerfield Capital Management LLC, its Collateral Manager | |||
|
By:
|
/s/ Robert Milton | |
Name: | Robert Milton | ||
Title: | Authorized Signatory | ||
ColumbusNova CLO Ltd. 2006-I
|
|||
ColumbusNova CLO Ltd. 2006-II | |||
ColumbusNova CLO Ltd. 2007-I | |||
ColumbusNova CLO IV Ltd. 2007-II | |||
By: Columbus Nova Credit Investments Management, LLC, its | |||
Collateral Manager | |||
|
By:
|
/s/ Robert Milton | |
Name: | Robert Milton | ||
Title: | Authorized Signatory | ||
[INSERT LENDER NAME]
|
|||
Castle Garden Funding | |||
|
By:
|
/s/ David H. Lerner | |
Name: | David H. Lerner | ||
Title: | Authorized Signatory | ||
Children's Healthcare of Atlanta Inc.
|
|||
By: Highland Capital Management, L.P., | |||
As Investment Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
Confluent 3 Limited. | |||
By: INVESCO Senior Secured Management, Inc. As Investment | |||
Manager | |||
[INSERT LENDER NAME] | |||
|
By:
|
/s/ Thomas Ewald | |
Name: | Thomas Ewald | ||
Title: | Authorized Signatory | ||
CONFLUENT 4 LIMITED. | |||
As Lender | |||
By: Loomis, Sayles & Company, L.P. | |||
As Sub-Manager | |||
By: Loomis, Sayles & Company, Incorporated. | |||
Its General Partner | |||
|
By:
|
/s/ Mary McCarthy | |
Name: | Mary McCarthy | ||
Title: | Vice President | ||
CORTINA Funding | |||
|
By:
|
/s/ Richard Taylor | |
Name: | Richard Taylor | ||
Title: | Authorized Signatory | ||
[INSERT LENDER NAME]
|
|||
CSAM Funding IV | |||
|
By:
|
/s/ David H. Lerner | |
Name: | David H. Lerner | ||
Title: | Authorized Signatory | ||
[Eagle Creek CLO, Ltd]
|
|||
|
By:
|
/s/ Bryan Higgins | |
Name: | Bryan Higgins | ||
Title: | Authorized Signor | ||
Eastland CLO, Ltd.
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
FIRST 2004-II CLO, LTD.
|
|||
By: TCW-WLA JV Venture LLC, its sub-adviser | |||
|
By:
|
/s/ Meric Topbas | |
Name: | Meric Topbas | ||
Title: | Vice President |
|
By:
|
/s/ G. Wayne Hosang | |
Name: | G. Wayne Hosang | ||
Title: | Senior Vice President | ||
Foothill CLO I, Ltd
|
|||
|
By:
|
/s/ Linda Pace | |
Name: | Linda Pace | ||
Title: | Managing Director | ||
Gleneagles CLO Ltd.
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
Grayson CLO, Ltd.
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
Greenbriar CLO LTD.
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
Gulf Stream - Compass CLO 2005-I, Ltd.
|
|||
By: Gulf Stream Asset Management LLC As Collateral Manager | |||
|
By:
|
/s/ Joe Moroney | |
Name: | Joe Moroney | ||
Title: | Vice President | ||
Gulf Stream - Compass CLO 2007, Ltd.
|
|||
By: Gulf Stream Asset Management LLC As Collateral Manager | |||
|
By:
|
/s/ Joe Moroney | |
Name: | Joe Moroney | ||
Title: | Vice President | ||
Gulf Stream - Rashinban CLO 2006-I, Ltd.
|
|||
By: Gulf Stream Asset Management LLC As Collateral Manager | |||
|
By:
|
/s/ Joe Moroney | |
Name: | Joe Moroney | ||
Title: | Vice President | ||
Gulf Stream - Sextant CLO 2006-1, Ltd.
|
|||
By: Gulf Stream Asset Management LLC As Collateral Manager | |||
|
By:
|
/s/ Joe Moroney | |
Name: | Joe Moroney | ||
Title: | Vice President | ||
Gulf Stream - Sextant CLO 2007-1, Ltd.
|
|||
By: Gulf Stream Asset Management LLC As Collateral Manager | |||
|
By:
|
/s/ Joe Moroney | |
Name: | Joe Moroney | ||
Title: | Vice President | ||
Hewett's Island CLO IV, Ltd.
|
|||
By: LCM Asset Management LLC | |||
As Collateral Manager | |||
|
By:
|
/s/ Alexander B. Kenna | |
Name: | LCM Asset Management LLC | ||
Alexander B. Kenna | |||
Title: | |||
HillMark Funding, Ltd.
|
|||
By: Hillmark Capital Management, L.P., as Collateral | |||
Manager, as Lender | |||
|
By:
|
/s/ Mark Gold | |
Name: | Mark Gold | ||
Title: | CEO | ||
ING CAPITAL LLC
|
|||
|
By:
|
/s/ Subha Pasumarti | |
Name: | Subha Pasumarti | ||
Title: | Director | ||
ING Investment Management CLO I, LTD.
|
|||
By: ING Investment Management Co. LLC, | |||
as its investment manager | |||
ING Investment Management CLO II, LTD. | |||
By: ING Alternative Asset Management LLC, | |||
as its investment manager | |||
ING Investment Management CLO III, LTD. | |||
By: ING Alternative Asset Management LLC, | |||
as its investment manager | |||
ING Investment Management CLO IV, LTD. | |||
By: ING Alternative Asset Management LLC, | |||
as its investment manager | |||
Phoenix CLO II, LTD. | |||
By: ING Alternative Asset Management LLC, | |||
as its investment manager | |||
Phoenix CLO II, LTD. | |||
By: ING Alternative Asset Management LLC, | |||
as its investment manager | |||
|
By:
|
/s/ Kelly T. Byrne | |
Name: | Kelly T. Byrne | ||
Title: | Vice President | ||
LCM II LIMITED PARTNERSHIP
|
|||
By: LCM Asset Management LLC | |||
As Collateral Manager | |||
|
By:
|
/s/ Alexander B. Kenna | |
Name: | LCM Asset Management LLC | ||
Alexander B. Kenna | |||
Title: | |||
LCM III, Ltd.
|
|||
By: LCM Asset Management LLC | |||
As Collateral Manager | |||
|
By:
|
/s/ Alexander B. Kenna | |
Name: | LCM Asset Management LLC | ||
Alexander B. Kenna | |||
Title: | |||
LCM IV, Ltd.
|
|||
By: LCM Asset Management LLC | |||
As Collateral Manager | |||
|
By:
|
/s/ Alexander B. Kenna | |
Name: | LCM Asset Management LLC | ||
Alexander B. Kenna | |||
Title: | |||
LCM IX Limited Partnership
|
|||
By: LCM Asset Management LLC | |||
As Collateral Manager | |||
|
By:
|
/s/ Alexander B. Kenna | |
Name: | LCM Asset Management LLC | ||
Alexander B. Kenna | |||
Title: | |||
LCM V, Ltd.
|
|||
By: LCM Asset Management LLC | |||
As Collateral Manager | |||
|
By:
|
/s/ Alexander B. Kenna | |
Name: | LCM Asset Management LLC | ||
Alexander B. Kenna | |||
Title: | |||
LCM VI, Ltd.
|
|||
By: LCM Asset Management LLC | |||
As Collateral Manager | |||
|
By:
|
/s/ Alexander B. Kenna | |
Name: | LCM Asset Management LLC | ||
Alexander B. Kenna | |||
Title: | |||
LCM VIII Limited Partnership
|
|||
By: LCM Asset Management LLC | |||
As Collateral Manager | |||
|
By:
|
/s/ Alexander B. Kenna | |
Name: | LCM Asset Management LLC | ||
Alexander B. Kenna | |||
Title: | |||
Liberty CLO, Ltd.
|
|||
By: Highland Capital Management L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
LOAN FUNDING IV LLC
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
LOAN FUNDING VII LLC
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
[INSERT LENDER NAME]
|
|||
Madison Park Funding I, Ltd. | |||
|
By:
|
/s/ David H. Lerner | |
Name: | David H. Lerner | ||
Title: | Authorized Signatory | ||
[INSERT LENDER NAME]
|
|||
Madison Park Funding III, Ltd. | |||
By: Credit Suisse Asset Management, LLC, as collateral manager | |||
|
By:
|
/s/ David H. Lerner | |
Name: | David H. Lerner | ||
Title: | Authorized Signatory | ||
[Mill Creek CLO, Ltd]
|
|||
|
By:
|
/s/ Bryan Higgins | |
Name: | Bryan Higgins | ||
Title: | Authorized Signor | ||
Race Point III CLO
|
|||
By: Sankaty Advisors, LLC as Collateral Manager | |||
|
By:
|
/s/ Andrew S. Viens | |
Name: | Andrew S. Viens | ||
Title: | Sr. Vice President of Operations | ||
Race Point IV CLO, Ltd.
|
|||
By: Sankaty Advisors, LLC as Collateral Manager | |||
|
By:
|
/s/ Andrew S. Viens | |
Name: | Andrew S. Viens | ||
Title: | Sr. Vice President of Operations | ||
Race Point V CLO, Limited
|
|||
By: Sankaty Advisors, LLC Its Asset Manager | |||
|
By:
|
/s/ Andrew S. Viens | |
Name: | Andrew S. Viens | ||
Title: | Sr. Vice President of Operations | ||
Red River CLO, Ltd
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
Rockwall CDO LTD
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
Southfork CLO, Ltd.
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
State Bank of India
|
|||
|
By:
|
/s/ Raghavan Sriraman | |
Name: | Raghavan Sriraman | ||
Title: | Vice President & Head (Syndications) | ||
[Sugar Creek CLO, Ltd]
|
|||
|
By:
|
/s/ Bryan Higgins | |
Name: | Bryan Higgins | ||
Title: | Authorized Signor | ||
Veritas CLO I, LTD.
|
|||
By: Alcentra NY, LLC, as investment advisor | |||
|
By:
|
/s/ Robert Davis | |
Name: | Robert Davis | ||
Title: | Senior Vice President | ||
VITESSE CLO LTD.
|
|||
By: TCW-WLA JV Venture LLC, its sub-adviser | |||
|
By:
|
/s/ Meric Topbas | |
Name: | Meric Topbas | ||
Title: | Vice President |
|
By:
|
/s/ G. Wayne Hosang | |
Name: | G. Wayne Hosang | ||
Title: | Senior Vice President | ||
WebBank
|
|||
|
By:
|
/s/ Kelly M. Barnett | |
Name: | Kelly M. Barnett | ||
Title: | President | ||
Well Fargo Principal Investments LLC
|
|||
|
By:
|
/s/ Sanjas Ray | |
Name: | Sanjas Ray | ||
Title: | Director | ||
Westchester CLO, Ltd.
|
|||
By: Highland Capital Management, L.P., As Collateral Manager | |||
|
By:
|
/s/ Carter Chism | |
Name: | Carter Chism | ||
Title: | Authorized Signatory | ||
HELIX ENERGY SOLUTIONS GROUP, INC. | |||
|
By:
|
||
Name: | |||
Title: | |||
I.
|
Section 7.11(a) – Consolidated Interest Coverage Ratio.
|
A. | Consolidated EBITDA for four consecutive fiscal | |||||
quarters ending on above date ("Subject Period") | ||||||
as set forth on Schedule 3 hereto: | $ | |||||
B. | Consolidated EBITDA for Subject Period attributable | |||||
to Excluded Foreign Subsidiary Assets: | $ | |||||
C. | Consolidated Interest Charges for Subject Period: | $ | ||||
D. | Consolidated Interest Charges for Subject Period | |||||
attributable to Indebtedness relating to Excluded | ||||||
Foreign Subsidiary Assets: | $ | |||||
E. | Consolidated Interest Coverage Ratio | |||||
((Line I.A – Line I.B.) ÷ (Line I.C – Line I.D)): | to 1.00 | |||||
Minimum required: | 2.75 to 1.00 |
II.
|
Section 7.11(b) – Consolidated Leverage Ratio.
|
A. | Consolidated Funded Indebtedness at | |||||
Statement Date: | $ | |||||
B. | Any Indebtedness of Foreign Subsidaries incurred | |||||
under Section 7.03(o) of the Agreement and secured | ||||||
by any Excluded Foreign Subsidiary Assets (or | ||||||
negative pledge thereon): | $ | |||||
C. | Consolidated EBITDA for Subject Period | |||||
(Line I.A above): | $ | |||||
D. | Consolidated EBITDA for Subject Period attributable | |||||
to Excluded Foreign Subsidiary Assets: | $ | |||||
E. | +/- adjustments to EBITDA for | |||||
Acquisitions/Dispositions1:
|
$ |
F. | Consolidated Leverage Ratio | |||||
(Line II.A – Line II.B) ÷ | ||||||
(Line II.C – Line II.D +/- Line II.E): | to 1.00 | |||||
Maximum permitted: | 4.00 to 1.00 |
III.
|
Section 7.11(c) – Collateral Coverage Ratio.
|
A. | Collateral/Asset value at Statement Date: | ||||||
1. | Net present value of proved reserves | ||||||
as set forth on Schedule 4 hereto: | $ | ||||||
2. | Appraised value of vessels, ROVs, and | ||||||
trenchers (including New Dive assets | |||||||
prior to IPO only): | $ | ||||||
3. | Net book value of equipment and inventory: | $ | |||||
4. | Net book value of accounts receivable: | $ | |||||
5. | Unrestricted cash and marketable securities: | $ | |||||
6. | Closing trading price of New Dive Equity | ||||||
Interests (post-IPO only): | $ | ||||||
7. | Collateral/Asset value (Line IV.A.1 + | ||||||
(Line IV.A.2 * 0.50) + (Line IV.A.3 * 0.50) | |||||||
+ (Line IV.A.4 * 0.85) + (Line IV.A.5 * 0.90) | |||||||
+ (Line IV.A.6 * 0.60)): | $ | ||||||
B. | Total Outstandings at Statement Date: | $ | |||||
C. | Collateral Coverage Ratio | ||||||
(Line IV.A.7 ÷ Line IV.B): | to 1.00 | ||||||
Minimum permitted: | 1.75 to 1.00 |
IV.
|
Section 7.11(d) – Consolidated Senior Secured Leverage Ratio.
|
A. | Consolidated Funded Senior Secured Indebtedness | |||||
at Statement Date: | $ | |||||
B. | Any Indebtedness of Foreign Subsidiaries incurred | |||||
under Section 7.03(o) of the Agreement and secured | ||||||
by any Excluded Foreign Subsidiary Assets (or | ||||||
negative pledge thereon): | $ |
C. | Consolidated EBITDA for Subject Period | |||||
(Line I.A above): | $ | |||||
D. | Consolidated EBITDA for Subject Period attributable | |||||
to Excluded Foreign Subsidiary Assets: | $ | |||||
E. | +/- adjustments to EBITDA for | |||||
Acquisitions/Dispositions2: | $ | |||||
F. | Consolidated Senior Secured Leverage Ratio | |||||
(Line IV.A – Line IV.B) ÷ | ||||||
(Line IV.C – Line IV.D +/- Line IV.E): | to 1.00 | |||||
Maximum permitted: | 2.00 to 1.00 |
V.
|
Section 7.12 – Capital Expenditures.
|
Oil and Gas Properties | Other | |||||||
A. | Capital Expenditures made during fiscal | |||||||
year to date: | $ | $ | ||||||
B. | Maximum permitted Capital Expenditures | |||||||
for such fiscal year: | $ | 400,000,000 | $ | 300,000,000 | ||||
C. | Amount carried over from prior year: | $ | $ | |||||
D. | Amount transferred to/from | |||||||
applicable category: | $ | $ | ||||||
E. | Excess (deficit) for covenant compliance | |||||||
((Line IV.B +Line IV.C +/- Line IV.D) | ||||||||
– IV.A): | $ | $ |
Consolidated
EBITDA
|
Quarter
Ended
__________
|
Quarter
Ended
__________
|
Quarter
Ended
__________
|
Quarter
Ended
__________
|
Twelve
Months
Ended
__________
|
Consolidated
Net Income
|
|||||
+ Consolidated Interest Charges
|
|||||
+ income taxes
|
|||||
+ depreciation expense
|
|||||
+ amortization expense
|
|||||
+ depletion expense
|
|||||
+ non-recurring non-cash charges or losses
|
|||||
+ non-capitalized transaction costs of Transaction
|
|||||
- non-recurring non-cash items
|
|||||
- net income from non Subsidiaries (to extent included in Consolidated Net Income)
|
Consolidated
EBITDA
|
Quarter
Ended
__________
|
Quarter
Ended
__________
|
Quarter
Ended
__________
|
Quarter
Ended
__________
|
Twelve
Months
Ended
__________
|
+ cash dividends and distributions from non Subsidiaries
|
|||||
+/- adjustments to EBITDA for non Wholly Owned Subsidiaries
|
|||||
= Consolidated EBITDA
|