This is a routine credit facility refinancing that extends maturity and modestly increases capacity. No earnings or operational data was released. Monitor the next quarterly filing for any changes in leverage or cash flow that might affect covenant headroom.
Price Chart
Executive Summary
Civeo Corp entered into an Amended and Restated Syndicated Facility Agreement on April 23, 2026, upsizing its total revolving credit commitments by $20 million to $285 million and extending the maturity to April 23, 2030. The facility is split into three tranches: a $205 million Canadian facility, a $10 million U.S. facility, and a $70 million Australian facility. This is a routine refinancing that extends the company's debt maturity profile and provides additional liquidity headroom.
Key Financial Metrics
Key Facts
- Total revolving commitments increased to $285 million from the prior facility
- Maturity extended to April 23, 2030 (4-year term)
- Facility split: $205M Canadian, $10M U.S., $70M Australian
- Interest rate margins range from 2.50%-3.75% (SOFR/CORRA/BBSY) or 1.50%-2.75% (base rate)
- Maximum total net leverage covenant: 3.00x (or 3.50x after qualified debt/convertible issuance)
- Maximum senior secured net leverage covenant: 2.50x (after qualified debt/convertible issuance)
- Minimum interest coverage ratio: 3.0x
- Secured by substantially all assets; guaranteed by significant subsidiaries
- Existing credit agreement dated September 8, 2021 was amended and restated in its entirety
Financial Impact
Total revolving commitments upsized by $20 million to $285 million. No financial results or earnings data disclosed in this filing.
Risk Factors
- Leverage covenants (3.00x total net leverage) could constrain financial flexibility if earnings decline
- Secured debt structure limits ability to incur additional secured debt
- Interest rate exposure on floating-rate debt tied to SOFR/CORRA/BBSY benchmarks
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001590584-26-000042 |
| Document: cveo-20260423.htm | 0001590584-26-000042 |
| Document: 0001590584-26-000042-index-headers.html | 0001590584-26-000042 |
| Document: 0001590584-26-000042-index.html | 0001590584-26-000042 |
| Document: 0001590584-26-000042.txt | 0001590584-26-000042 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | Institutional Cluster | $34.09 $28.17 | ▼ −17.37% | ▼ −16.81% | $28.90 (−15.22%) |
Jul 30, 2026 12w ago | 8-K | $32.01 $33.75 | ▲ +5.44% | ▲ +1.47% | $28.90 (−9.72%) |
Apr 28, 2026 25w ago | 8-K | $31.22 $34.95 | ▲ +11.95% | ▲ +5.90% | $28.90 (−7.43%) |
US Market Status
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