HOUSTON (AP) - Helix Energy Solutions Group Inc. said Monday that it has extended its revolving credit facility to Nov. 30, 2012, from July 2011.
The company, which is a contractor to other energy companies, said its lenders also agreed to amend restrictive covenants related to asset sales and increased the amount of capacity under the revolving credit line to $435 million through June 2011, decreasing to $407 million from July 2011 through November 2012.
The revolving credit line's accordion feature was also increased to allow for a potential increase in the maximum size of the facility to $550 million from $450 million.
The July 1, 2013, maturity date of Helix's senior secured term loan under the credit agreement remains unchanged.
Borrowings under the amended revolver will bear interest based on current market rates.
Helix has no outstanding borrowings under the revolving credit facility.
The new credit arrangement gives the company more flexibility in its efforts to monetize noncore assets, Chief Financial Officer Tony Tripodo said.
Shares rose 38 cents, or 2.6 percent, to close at $15.31.
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