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): October 18, 2007
GLOBAL INDUSTRIES, LTD.
(Exact name of registrant as specified in its charters)
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| Louisiana
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0-21086
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72-1212563 |
(State or Other Jurisdiction of
Incorporation or Organization)
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(Commission File Number)
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(I.R.S. Employer
Identification No.) |
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8000 Global Drive
P.O. Box 442, Sulphur, LA
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70665
70664-0442 |
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(Zip Code) |
Registrant’s Telephone Number, including Area Code: (337) 583-5000
(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 (see General Instruction
A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
TABLE OF CONTENTS
Item 1.01 Entry into a Material Definitive Agreement
On October 18, 2007, we entered into Amendment No. 3 to Third Amended and Restated Credit
Agreement (the “Amendment”). The Amendment increases the overall borrowing capacity, reduces the
interest rate premiums (“spreads”) to be paid on our borrowings, reduces the scope of certain
negative covenants, and extends the term of the facility. The Amendment increases the borrowing
capacity from $130.0 million to $150.0 million and increases the optional provision for expansion
from $150.0 million to $250.0 million. The Amendment extends the maturity date of the credit
facility to October 18, 2012 and permits borrowings based on a floating spread over prime rate
ranging from 0.00% to 0.75% or London Interbank Offered Rate (“LIBOR”) ranging from 0.75% to 1.75%,
based upon certain of our financial ratios. As of October 19, 2007, we had $94.0 million
outstanding letters of credit, no borrowings, and $56.0 million of borrowing capacity under the
credit facility as revised by the Amendment.
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 to this Current
Report on Form 8-K and is incorporated by reference into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits
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(a) |
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Financial statements of businesses acquired. |
Not applicable.
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(b) |
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Pro forma financial information. |
Not applicable.
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(c) |
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Shell company transactions. |
Not applicable.
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10.1 |
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Amendment No. 3 to Third Amended and Restated Credit Agreement
dated October 18, 2007 among Global Industries, Ltd., Global Offshore Mexico,
S. DE R.L. DE C.V., Global Industries International, L.L.C., in its capacity as
general partner of Global Industries International, L.P., the Lenders and
Calyon New York Branch as administrative agent for the Lenders. |