Benzinga | Sep 8, 2020 04:35PM EDT

Civeo Amendment Extends The Maturity Date Of The Revolving Credit Facilities And The Term Loan By 18 Months To May 30, 2023, Decreases The Total Revolving Commitment To $167.3M

Civeo Corporation (NYSE:CVEO) announced today completion of an amendment and extension to its credit agreement, including the term loan and all three revolving credit facilities. This extension encompasses all of Civeo's outstanding debt structure. The following are key aspects of the amended credit agreement:

* extends the maturity date of the revolving credit facilities and the term loan by 18 months to May 30, 2023;

* maintains previous covenant levels and amortization payment schedules;

* increases interest rate spreads above base rates by approximately 100 basis points above prior spreads; and

* decreases the total revolving commitment to $167.3 million, a level more consistent with currently expected needs, which will reduce undrawn commitment fees.