XML 147 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events

NOTE O — SUBSEQUENT EVENTS

During July 2013, Odyssey Marine Exploration, Inc. entered into a $10 million project term loan agreement with Fifth Third Bank. The facility will mature on July 24, 2014. The term loan bears interest at a floating rate equal to the one-month LIBOR rate plus 500 basis points. Odyssey may make prepayments in whole or in part without premium or penalty. An origination fee of $50,000 was payable at closing. A restricted cash deposit of $500,000 was required to cover interest payments. The term loan is secured by approximately $15.0 million worth of silver recovered from the SS Gairsoppa. We recovered approximately 1.8 million ounces of silver bullion in total during July 2013 which we expect to monetize during the remainder of 2013. We are required to comply with a number of customary covenants. The proceeds will be used to fund the project recovery costs.