UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): (June 16, 2010) June 18, 2010
GLOBAL INDUSTRIES, LTD.
(Exact name of registrant as specified in its charters)
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Louisiana
(State or Other Jurisdiction of
Incorporation or Organization)
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0-21086
(Commission File Number)
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72-1212563
(I.R.S. Employer Identification No.) |
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8000 Global Drive
Carlyss, Lousiana
(Address of Principal Executive Offices)
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70665
(Zip Code) |
Registrant’s Telephone Number, including Area Code: (337) 583-5000
n/a
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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| Item 1.01 |
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Entry into a Material Definitive Agreement |
On June 16, 2010, Global Industries, Ltd. (the “Company”) entered into Amendment No. 6 (the
“Amendment”) to the Third Amended and Restated Credit Agreement by and among the Company, Global
Offshore Mexico, S. de R.L. de C.V., and Global Industries International L.L.C., in its capacity as
general partner of Global Industries International, L.P., the lenders party to the Credit Agreement
and Crédit Agricole Corporate and Investment Bank (formerly known as Calyon New York Branch), as
administrative agent for the lenders (the “Existing Credit Agreement”).
The terms of Amendment provide for a modification period beginning on the effective date of the
Amendment and ending the earlier of June 30, 2011 or upon compliance with covenant conditions under
the Existing Credit Agreement and a written request to end the modification period (the
“Modification Period”). Once terminated, the Modification Period may not be reinstated. During
the Modification Period (1) the net debt to EBITDA coverage ratio under the Existing Credit
Agreement will be suspended, (2) the Company will be required to maintain a trailing twelve months
minimum EBITDA of $40,000,000, and (3) no borrowings, other than letters of credit and guarantees,
will be permitted. The interest rates on letters of credit will range from 2.75% to 3.5%. Under
the terms of the Amendment, the Company will provide a mortgage on the vessel Global Orion, which
will bring the borrowing capacity under the facility up to $150,000,000. The Company incurred a
$562,500 fee in connection with the Amendment. As of June 17, 2010, the Company had no borrowings
against the facility and $60.7 million of letters of credit outstanding thereunder.
The foregoing description of the Amendment does not purport to be complete and is qualified in its
entirety by reference to the amendment which is attached as Exhibit 10.1 and incorporated by
reference into this Item 1.01
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| Item 2.03 |
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant |
The information set forth above under Item 1.01 is incorporated herein by reference in this
Item 2.03.
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| Item 9.01 |
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Financial Statements and Exhibits |
(d) Exhibits.
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10.1 |
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Amendment No. 6 to Third Amended and Restated Credit Agreement dated
June 16, 2010 by and among the Company, Global Offshore Mexico, S. de R.L. de
C.V., and Global Industries International L.L.C., in its capacity as general
partner of Global Industries International, L.P., the lenders party to the Credit
Agreement and Crédit Agricole Corporate and Investment Bank (formerly known as
Calyon New York Branch), as administrative agent for the lenders |