Seeking Alpha

Cal Dive announces debt refinancing with $100M second lien term loan

  • Cal Dive (DVR -11.6%) says it has refinanced its debt and entered into a $100M senior secured second lien term loan facility.
  • As part of the refinancing, DVR is permitted to obtain up to $75M in local project financing for international projects, and intends to transition from relying on its revolving credit facility for working capital requirements for its large construction projects to utilizing local project financing.
  • DVR had been lower all day after reporting a wider than expected Q1 loss.
  • Shares have resumed trading after a halt.
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