Increasing the trailing four quarter maximum leverage ratio to 5.5x
for the quarter ending
March 31, 2016then decreasing gradually over successive quarters to 3.5x by December 31, 2017.
Decreasing the trailing four quarter minimum interest coverage ratio
to 2.5x for the quarter ending
March 31, 2016then increasing to 3.0x by June 30, 2017.
Reduction of the credit facility revolver commitment from
$600 millionto $400 million, which will save the Company $1 millionannually in commitment fees.
Adding a cash requirement covenant of
$50 millionif our leverage ratio exceeds 3.5x, $100 millionif it exceeds 4.0x and $150 millionif it exceeds 4.5x.
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
From time to time we provide information about Helix on Twitter (@Helix_ESG)
Helix Energy Solutions Group, Inc.
Erik Staffeldt, 281-618-0400
VP – Finance & Accounting