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  4. [8-K] Civeo Corp Reports Material Event

Civeo (NYSE: CVEO) upsizes and extends $285M revolving credit deal to 2030

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Civeo Corporation entered into an Amended and Restated Syndicated Facility Agreement, replacing its prior syndicated credit agreement. The new arrangement provides a $285.0 million senior secured revolving credit facility, upsizing total commitments by $20.0 million and extending the maturity to April 23, 2030.

The facility is allocated as $205.0 million for the parent company, $10.0 million for two U.S. subsidiaries, and $70.0 million for an Australian subsidiary. Borrowings bear interest at benchmark rates plus variable margins tied to Civeo’s total net leverage to EBITDA, and are secured by substantially all assets of the company and its significant subsidiaries, subject to customary exceptions. The agreement includes quarterly-tested covenants on maximum total net leverage and senior secured net leverage.

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Insights

Civeo refinances and modestly upsizes its revolving credit facility.

Civeo has amended and restated its syndicated credit agreement into a $285.0 million senior secured revolving facility, extending the maturity to April 23, 2030 and increasing total commitments by $20.0 million. This refreshes liquidity without changing the basic capital structure type.

Interest is tied to adjusted Term SOFR, Term CORRA or BBSY plus margins ranging from 2.50% to 3.75%, or a base rate plus 1.50% to 2.75%, depending on total net leverage to EBITDA. This directly links borrowing costs to leverage performance.

The agreement adds or continues customary covenants, including a maximum total net leverage ratio of up to 3.00x, or 3.50x after a qualified or convertible debt issuance, and a senior secured net leverage cap of 2.50x once such an issuance occurs. Future filings may show how consistently Civeo maintains headroom to these covenant limits as conditions evolve.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total revolving credit facility $285.0 million Amended and Restated Syndicated Facility Agreement
Upsize to commitments $20.0 million Increase in total aggregate revolving loan commitments
Parent facility tranche $205.0 million Senior secured revolving credit facility for Civeo Corporation
U.S. subsidiaries tranche $10.0 million Revolving credit facility for Civeo Management LLC and Civeo USA LLC
Australian subsidiary tranche $70.0 million Revolving credit facility for Civeo PTY Limited
Interest margin over benchmarks 2.50%–3.75% Margin over adjusted Term SOFR, Term CORRA or BBSY
Interest margin over base rate 1.50%–2.75% Base rate borrowings under the facility
Maximum total net leverage ratio 3.00x–3.50x Covenant limit before and after qualifying debt issuance
Amended and Restated Syndicated Facility Agreement financial
"entered into the Amended and Restated Syndicated Facility Agreement (the “A&R Syndicated Facility Agreement”)"
revolving credit facility financial
"provides for a $285.0 million, 4-year revolving credit facility allocated as follows"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
adjusted Term SOFR financial
"bear interest at the adjusted Term SOFR (for U.S. Dollar loans)"
Adjusted term SOFR is a forward‑looking interest benchmark based on short‑term overnight Treasury repo rates, with a small extra amount added to reflect differences from legacy rates. Think of it as a quoted price that has been nudged to make payments comparable to older benchmarks; it matters to investors because it directly influences borrowing costs, bond yields and cash‑flow forecasts, affecting valuations and hedging outcomes.
maximum total net leverage ratio covenant financial
"a maximum total net leverage ratio covenant, tested quarterly with maximum permitted net leverage"
senior secured net leverage ratio financial
"a maximum senior secured net leverage ratio covenant tested quarterly of 2.50x"
A senior secured net leverage ratio measures how much a company owes on its highest-priority, collateral-backed debt compared with its core annual cash earnings; it’s calculated by taking net senior secured debt (senior secured borrowings minus cash) divided by annual operating cash profit before interest and taxes. Investors use it to gauge the company’s ability to cover its most protected debts and to compare financial risk across firms — like comparing a household’s mortgage balance to its yearly take-home pay to see how comfortably it can be paid down.
senior secured revolving credit facility financial
"a $205.0 million senior secured revolving credit facility in favor of the Company"
A senior secured revolving credit facility is a multi‑use bank lending line that a company can draw, repay and redraw as needed, backed by specific assets and ranked first in repayment order if the company defaults. Think of it like a collateralized credit card that gives flexible short‑term cash while lenders hold priority to recover their money; investors watch it because it affects a company’s liquidity, borrowing cost, and who gets paid first in financial distress.
Understanding 8-K Material Events →
0001590584false00015905842026-04-232026-04-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

__________________

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): April 23, 2026
____________________

Civeo Corporation
(Exact name of registrant as specified in its charter)

British Columbia, Canada1-3624698-1253716
(State or other jurisdiction
of incorporation or organization)
(Commission File
Number)
(I.R.S. Employer
Identification No.)
Three Allen Center
333 Clay Street,Suite 4400
Houston,Texas 77002
(Address and zip code of principal executive offices)

Registrant’s telephone number, including area code: (713) 510-2400


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Shares, no par value
CVEO
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 


Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 1.01 Entry into a Material Definitive Agreement.

On April 23, 2026, Civeo Corporation (the “Company”) entered into the Amended and Restated Syndicated Facility Agreement (the “A&R Syndicated Facility Agreement”) to amend and restate in its entirety that certain Syndicated Facility Agreement dated as of September 8, 2021, as amended, restated, amended and restated, supplemented or modified from time to time (the “Existing Syndicated Facility Agreement”) among the Company and certain subsidiaries of the Company, as borrowers, the lenders named therein, Royal Bank of Canada, as Administrative Agent, and the other agents party thereto. The A&R Syndicated Facility Agreement amends and restates the Existing Syndicated Facility Agreement to (i) extend the maturity date until April 23, 2030, (ii) upsize the total aggregate revolving loan commitments by $20.0 million, and (iii) provide for other technical changes and amendments.

The A&R Syndicated Facility Agreement provides for a $285.0 million, 4-year revolving credit facility allocated as follows: (A) a $205.0 million senior secured revolving credit facility in favor of the Company, as borrower, (B) a $10.0 million senior secured revolving credit facility in favor of Civeo Management LLC and Civeo USA LLC, each a U.S. subsidiary of the Company, as borrowers, and (C) a $70.0 million senior secured revolving credit facility in favor of Civeo PTY Limited, an Australian subsidiary of the Company, as borrower. Amounts outstanding under the credit facilities bear interest at the adjusted Term SOFR (for U.S. Dollar loans), Term CORRA (for Canadian Dollar loans) or BBSY (for Australian Dollar loans) plus, with respect to each, a margin of 2.50% to 3.75%, or at a base rate plus a margin of 1.50% to 2.75%, in each case based on a ratio of the Company’s total net leverage to EBITDA (as defined in the A&R Syndicated Facility Agreement). The A&R Syndicated Facility Agreement has a maturity date of April 23, 2030, at which point all revolving commitments shall terminate.

The A&R Syndicated Facility Agreement includes (i) restrictions customary for facilities of this type, including covenants that impose restrictions on the Company’s ability to, among other things, borrow funds, dispose of assets, pay dividends, make certain investments and make certain capital expenditures, (ii) a maximum total net leverage ratio covenant, tested quarterly with maximum permitted net leverage of, prior to a qualified debt offering or a permitted issuance of convertible debt, 3.00x, or, following a qualified debt offering or a permitted issuance of convertible debt, 3.50x, and (iii) a maximum senior secured net leverage ratio covenant tested quarterly of 2.50x, commencing with the first quarter ending following a qualified debt offering or a permitted issuance of convertible debt.

Borrowings under the A&R Syndicated Facility Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries subject to customary exceptions. The obligations under the A&R Syndicated Facility Agreement are guaranteed by our significant subsidiaries.

The description of the A&R Syndicated Facility Agreement set forth herein is summary in nature and is qualified in its entirety by reference to the full text of the A&R Syndicated Facility Agreement, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.



Exhibit
Number
Description of Document

10.1
Amended and Restated Syndicated Facility Agreement, dated as of April 23, 2026, by and among Civeo Corporation, Civeo Pty Limited, Civeo Management LLC and Civeo USA LLC, as Borrowers, the Lenders named therein, Royal Bank of Canada, as Administrative Agent, U.S. Collateral Agent, Canadian Administrative Agent, Canadian Collateral Agent and an Issuing Bank, RBC Europe Limited, as Australian Administrative Agent and Australian Collateral Agent, and the other parties thereto.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 28, 2026
        
            CIVEO CORPORATION


                    By: /s/ E. Collin Gerry ,
                    Name:    E. Collin Gerry
Title:    Senior Vice President, Chief Financial Officer and Treasurer


Source: View Original Filing on SEC EDGAR

FAQ

What new credit facility did Civeo (CVEO) enter into?

Civeo entered an Amended and Restated Syndicated Facility Agreement providing a $285.0 million senior secured revolving credit facility. It replaces the prior agreement, modestly increases total commitments, and extends access to revolving borrowings through April 23, 2030.

How is Civeo’s new $285 million revolving facility allocated?

The $285.0 million revolving facility is split into $205.0 million for Civeo Corporation, $10.0 million for U.S. subsidiaries Civeo Management LLC and Civeo USA LLC, and $70.0 million for Australian subsidiary Civeo PTY Limited, all on a senior secured basis.

What interest rates apply under Civeo’s amended credit agreement?

Borrowings bear interest at adjusted Term SOFR, Term CORRA or BBSY plus a margin of 2.50%–3.75%, or at a base rate plus 1.50%–2.75%. The exact margin depends on Civeo’s ratio of total net leverage to EBITDA as defined in the agreement.

When does Civeo’s new revolving credit facility mature?

The amended revolving credit facility has a maturity date of April 23, 2030, when all revolving commitments terminate. Until that date, Civeo and its specified subsidiaries can borrow subject to the agreement’s terms, security package and financial covenants.

What key leverage covenants are in Civeo’s new facility?

The agreement includes a maximum total net leverage ratio of 3.00x, or 3.50x after a qualified or convertible debt issuance. It also adds a maximum senior secured net leverage ratio of 2.50x, tested quarterly once such a qualifying debt issuance has occurred.

How is Civeo’s new revolving facility secured and guaranteed?

Borrowings are secured by a pledge of substantially all assets of Civeo and its subsidiaries, with customary exceptions. The obligations under the facility are guaranteed by the company’s significant subsidiaries, strengthening lender protections through broad collateral and guarantees.

Filing Exhibits & Attachments

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Agreements & Contracts

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