Oceaneering Announces $300M Term Loan And $500M Revolving Credit Agreement

Oceaneering International, Inc.

announced that it has entered into a new credit agreement providing for a $300 million three-year delayed-draw term loan and a $500 million five-year revolving credit facility. The new credit agreement replaces a prior agreement that was scheduled to mature on January 6, 2017. The banks participating in the new credit agreement are Wells Fargo Bank, National Association ("Wells Fargo"), DNB Capital LLC, HSBC Bank USA, National Association ("HSBC"), JPMorgan Chase Bank, N.A. ("JPM"), Bank of America, N.A., Standard Chartered Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Credit Suisse AG, and Barclays Bank PLC. The amount available under the revolving credit facility may be increased to up to $800 million at any time upon the agreement of Oceaneering and existing or additional lenders. Borrowings under the new credit agreement will be used to refinance advances outstanding under the prior agreement and for other general corporate purposes. Wells Fargo Securities, LLC, DNB Markets, Inc., J.P. Morgan Securities LLC, and HSBC Securities (USA) Inc. acted as joint lead arrangers and joint bookrunners for the new credit agreement. Wells Fargo is the Administrative Agent under the new credit agreement, DNB Bank ASA is the Syndication Agent, and HSBC and JPM are Documentation Agents. Robert P. Mingoia, Vice President and Treasurer, stated, "We are extremely pleased that our international group of banks has shown their confidence in our future business prospects. The new arrangement provides