Thu 12/10/2020 18:46 PM
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Harvey Gulf International Marine seeks to repurchase up to $25 million of its $350 million L+600 bps term loan due 2023 in an auction, according to a private disclosure reviewed by Reorg.

Alter Domus, as administrative agent of the term loan, is collecting signatures of lenders that elect to participate, the disclosure shows. Bids are due at 12 p.m. ET on Dec. 11.

“With the prolonged downturn in the oil and gas industry coupled with the Covid pandemic, we realize the best use of our capital is to strengthen our balance sheet,” CEO Shane Guidry said in a statement to Reorg today. “Unlike my peers, I have been very successful through this entire downturn and managing cost in order to continue to be able to build cash. This morning, we have $103 million of cash on our balance sheet. Therefore, it makes sense to reduce our debt at a discount if possible.”

--Harvard Zhang
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