Press Releases
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Increasing the trailing four quarter maximum leverage ratio to 5.5x
for the quarter ending
March 31, 2016 then decreasing gradually over successive quarters to 3.5x byDecember 31, 2017 . -
Decreasing the trailing four quarter minimum interest coverage ratio
to 2.5x for the quarter ending
March 31, 2016 then increasing to 3.0x byJune 30, 2017 . -
Reduction of the credit facility revolver commitment from
$600 million to$400 million , which will save the Company$1 million annually in commitment fees. -
Adding a cash requirement covenant of
$50 million if our leverage ratio exceeds 3.5x,$100 million if it exceeds 4.0x and$150 million if it exceeds 4.5x.
About Helix
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 our strategy; any statements
regarding future utilization; any projections of financial items; future
operations expenditures; any statements regarding the plans, strategies
and objectives of management for future operations; any statement
concerning developments; any statements regarding future economic
conditions or performance; any statements of expectation or belief; and
any statements of assumptions underlying any of the foregoing. The
forward-looking statements are subject to a number of known and unknown
risks, uncertainties and other factors including but not limited to the
performance of contracts by suppliers, customers and partners; actions
by governmental and regulatory authorities; operating hazards and
delays; our ultimate ability to realize current backlog; employee
management issues; complexities of global political and economic
developments; geologic risks; volatility of oil and gas prices and other
risks described from time to time in our reports filed with the
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View source version on businesswire.com: http://www.businesswire.com/news/home/20160210006589/en/
Source:
Helix Energy Solutions Group, Inc.
Erik Staffeldt, 281-618-0400
VP
– Finance & Accounting