Steel Excel adds $10 million of revolving loans to credit agreement

By Tali David

Minneapolis, Dec. 20 - Steel Excel Inc. amended its credit agreement dated on July 3, 2013 with Wells Fargo Bank NA to provide for an increased borrowing capacity of $105 million, according to an 8-K filed Dec. 16 with the Securities and Exchange Commission.

The facility includes (a) a $70 million initial secured term loan fully drawn by Steel Energy on July 3, 2013, (b) a $25 million second secured term loan fully drawn by Steel Energy on Dec. 17, 2013 and (c) up to $10 million in revolving loans, which includes a $1 million subfacility for standby letters of credit and a $5 million subfacility for swing line loans.

The amended agreement also permits Steel Energy, under certain circumstances, to increase the aggregate principal amount of commitments under the agreement, as amended, by up to $25 million in the form of an increase in the term loan or the revolving loans.

The credit agreement continues to have a five-year term commencing July 3, 2013, with the term loan now amortizing in quarterly installments of $3,303,571.43 beginning on March 31, 2014, with a balloon payment due on the maturity date.

Steel Excel is a White Plains, N.Y.-based holding company that offers sports services.

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