Cal Dive Completes Acquisition of Horizon

Wednesday, December 12, 2007
Cal Dive International, Inc. announced has completed its acquisition of Horizon Offshore following approval by Horizon's shareholders on December 10, 2007. As a result of the acquisition, each share of Horizon common stock has been converted into the right to receive $9.25 in cash and 0.625 shares of Cal Dive common stock. Information regarding the exchange of share certificates will be sent to Horizon shareholders as soon as practicable.

The cash portion of the acquisition is being funded through a $375msenior secured term loan A facility which amortizes $20 million per quarter commencing on June 30, 2008. Interest floats at LIBOR plus 225 basis points and the facility is prepayable without penalty. Cal Dive also terminated its existing $250 million revolving credit facility and entered into a new senior secured $300 million five year revolver. The senior secured credit facilities were fully underwritten by Bank of America, N.A., and Banc of America Securities LLC acted as sole financial advisor to Cal Dive in connection with the transaction.

The combined company will operate a fleet of thirty-five vessels, including twenty-four diving support vessels, seven pipelay/pipebury barges, one dedicated pipebury barge, one combination derrick/pipelay barge and two derrick barges. The addition of Horizon's fleet will allow Cal Dive to offer an integrated solution to customers by enabling it to offer trunkline and salvage and decommissioning services together with its traditional diving services. Additionally, Cal Dive believes that the Horizon acquisition will allow it to further penetrate targeted international markets.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets.

No Lift for Konecranes as Q1 2014 Profit Slips

Finnish crane maker Konecranes on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition. January-March 2014 operating profit,

GulfMark Offshore Records Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

 
 
Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1310 sec (8 req/sec)