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it facility. Moodys assigned a corporate family rating of B1 to Harvey and a B1 rating to the companys proposed credit facility--which consists of a $250 million revolver and $750 million term loan. Proceeds from the ? nanc- ing transaction will be used to re? nance $534 million of existing debt, acquire nine OSVs and fast service vessels from Gulf Offshore Logistics for $189 million, adjust for acquisition-related excess working capital, and pay related fees and expenses. The company expects to close on two additional GOL vessels next spring, for a total transaction valued at $268 million. The public rating will assist me in continuing to grow Harvey in order to meet our clients demands, while increas- ing our EBDITA to over $500 million in 2016 through addi- tional newbuilds and acquisitions,? Shane Guidry said in June. EBITDA is a measure of a companys operating cash ? ow. Moodys said Harveys B1 rating re? ects Harveys modest size, its GOM concentration, a relatively short track record as a company with sizable assets and ? eet size, the fact that its top three customers account for over 60% of total rev- enues, and its exposure to oil and natural gas price cycles. But, Moodys said, the B1 rating also recognizes Harveys signi? cant position as a provider of Jones Act OSV and ocean-towing vessel services in the GOM, where activity is expected to remain robust through 2015. Moodys cited Harveys long-term charters for most of its ? eet, the quality of its vessels with an average OSV ? eet age of four years, its good EBITDA margins and its deepwater focus. Cur- rently strong fundamentals in the GOM are likely to keep demand high for Harveys OSV services, Moodys said. PORT FOURCHON : ALSO EXPANDING TO SERVICE RIGS Louisianas southernmost port of Fourchon continues to grow to meet offshore needs. Ninety-three percent of all GOM drilling rigs operate out of Port Fourchon, and 85% of that total is serviced by Chouest facilities. Chouest af? liate C-Port opened at Fourchon in 1996. Since then, www.marinelink.com MN Sept2013 Layout 50-65.indd 578/29/2013 4:51:59 PM