Horizon Offshore further extends EXIM facility

New York, Feb. 18 - Horizon Offshore, Inc. said it has further extended its EXIM guaranteed facility with Southwest Bank of Texas, NA, this time to Feb. 28 from Feb. 18.

Under the amendment, Horizon is required to prepay $3.2 million by Feb. 22.

Future collections of foreign receivables will be used to repay the remaining $4.8 million.

Horizon said it continues to work with a prospective lender to refinance, through a term loan and revolving credit facility, the debt outstanding under its Southwest Bank EXIM guaranteed facility and The CIT Group/Equipment Finance, Inc. facilities.

The company added that it is also continuing to work with its subordinated note holders to complete the proposed refinancing and previously announced equity recapitalization.

Horizon Offshore is a Houston-based provider of marine construction services.

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