Gulf Island Fabrication, Inc. (NASDAQ:GIFI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Entry into a Material Definitive Agreement
On February 26, 2018, Gulf Island Fabrication, Inc. (the “Company”) and the subsidiary guarantors named therein entered into a Second Amendment (the “Second Amendment to Credit Agreement”) to that certain Credit Agreement with Whitney Bank, as lender, dated June 9, 2017. The Second Amendment to Credit Agreement lowers the base tangible net worth requirement from $200.0 million to $185.0 million in the minimum tangible net worth covenant. In addition, the Second Amendment to Credit Agreement revises the calculation for the minimum tangible net worth covenant to include 50% of any gain attributable to the sale of the assets of Gulf Marine Fabricators, L.P.
The foregoing summary is only a summary of certain provisions of the Second Amendment to Credit Agreement and is qualified in its entirety by the full text of the Second Amendment to Credit Agreement, which will be filed as an exhibit to the Company’s annual report on Form 10-K for the year ended December 31, 2017.
About Gulf Island Fabrication, Inc. (NASDAQ:GIFI)
Gulf Island Fabrication, Inc. (Gulf Island) is a holding company. The Company, along with its subsidiaries, is a fabricator of steel platforms and other specialized structures for customers in the offshore oil and gas industry. It also performs onshore and offshore construction and fabrication services for customers in the marine industry. Its primary activity is the fabrication of offshore drilling and production platforms and other steel structures for customers in the oil and gas and marine industries, including jackets and deck sections of fixed production platforms, hull, tendon, and/or deck sections of floating production platforms, piles, wellhead protectors. It conducts its operations through its subsidiaries, which include Gulf Island, L.L.C.; Gulf Marine Fabricators, L.P.; Gulf Island Marine Fabricators, L.L.C.; Gulf Island Shipyards, L.L.C.; Dolphin Services, L.L.C.; and Dolphin Steel Sales, L.L.C.
