Cal Dive executes letters for revolving credit agreement refinancing Cal Dive announced that it has executed commitment letters with three financial institutions providing for a $125M senior secured credit facility that may consist of both a term facility and revolving facility to refinance the company’s existing revolving credit facility and provide additional liquidity to the company. The commitment letters are subject to customary closing conditions. As previously disclosed, the company was required to provide executed commitment letters acceptable to its existing revolving lenders for the refinancing of its revolving credit facility by August 27, or waivers with respect to the company’s loan agreements would have expired on September 2. The revolving lenders have confirmed that the commitment letters obtained by the company are acceptable and the waiver period will not expire until September 30. The company expects to complete the refinancing of the revolving credit facility in advance of the expiration of the waivers. Upon completion of the refinancing and related amendments to the financial covenants under its loan agreements, the company expects that all of its indebtedness will be reclassified to long-term debt on its balance sheet.