Seacor redeems $99.9 million Title XI bonds, $14 million 7 3/8% notes

By Toni Weeks

San Luis Obispo, Calif., July 23 – Seacor Holdings Inc. said that some of its subsidiaries redeemed their Title XI bonds in the second quarter for $99.9 million.

As a result of redeeming the bonds prior to their scheduled maturity, SEA-Vista paid a make-whole premium of $20.5 million, according to a press release.

The redemption of the bonds released the liens on vessels supporting the Title XI financing and facilitated the issuance of SEA-Vista’s $300 million secured credit facility at a lower effective borrowing rate.

The redemption of the bonds was funded with advances from the credit facility, restricted cash and Title XI reserve funds.

The company also repurchased $14 million principal amount of its 7 3/8% senior notes for $14.4 million in the second quarter, the release said.

Following the repurchase, there is $219.5 million principal amount of 7 3/8% notes outstanding.

Seacor is an offshore oil, gas and marine equipment company based in Fort Lauderdale, Fla. SEA-Vista is a group of Seacor subsidiaries that operates the company’s fleet of U.S.-flag product tankers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.