Cal Dive International Locks in Rate on MARAD Debt
04 Ottobre 2005 - 12:11AM
PR Newswire (US)
HOUSTON, Oct. 3 /PRNewswire-FirstCall/ -- Cal Dive International,
Inc. (NASDAQ:CDIS) announced today that the Company has completed
the refinancing of $134.9 million of outstanding floating-rate debt
through the issuance of a 4.93% fixed-rate note maturing in
February 2027. The Company also terminated a related interest rate
swap contract, which had been entered into on September 13, 2005,
receiving net proceeds of $1.5 million. This gain will be deferred
and amortized over the life of the fixed-rate note resulting in an
effective fixed interest rate of approximately 4.81%. The
floating-rate debt and the refinancing were issued under the Title
XI program of the U.S. Department of Transportation's Maritime
Administration to assist Cal Dive in financing the construction of
the Company's ultra-deepwater multi service vessel, the Q4000,
which was completed in early 2002. Cal Dive International, Inc.,
headquartered in Houston, Texas, is an energy service company which
provides alternate solutions to the oil and gas industry worldwide
for marginal field development, alternative development plans,
field life extension and abandonment, with service lines including
marine diving services, robotics, well operations, facilities
ownership and oil and gas production. This press release and
attached presentation contain 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 statements that could be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, any projections of revenue, gross margin, expenses,
earnings or losses from operations, or other financial items; any
statements of the plans, strategies and objectives of management
for future operations; any statement concerning developments,
performance or industry rankings relating to services; 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 risks,
uncertainties and assumptions referred to above include the
performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and
economic developments, and other risks described from time to time
in our reports filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ending December 31, 2004. We assume no obligation and do not intend
to update these forward-looking statements. DATASOURCE: Cal Dive
International, Inc. CONTACT: Wade Pursell, Chief Financial Officer
of Cal Dive International, Inc., +1-281-618-0400, or fax,
+1-281-618-0505 Web site: http://www.caldive.com/
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