Seacor buys back some 7.2%, 5 5/8% notes

By Jennifer Chiou

New York, Oct. 30 - Seacor Holdings Inc. repurchased $51.2 million of its 7.2% senior notes due 2009 and $500,000 of its 5 5/8% senior notes due 2012 after Sept. 30, according to a 10-Q filing with the Securities and Exchange Commission.

From time to time, the company's board of directors grants authorization to repurchase shares of common stock as well as Seacor's 2.875% convertible debentures due 2024. On April 23, 2008, June 4 and Sept. 10, the board increased the repurchase authority by $70.9 million, $75.5 million and $117.7 million, respectively, to a total authorized expenditure on each occasion of up to $150 million.

As of Sept. 30, $149.2 million of the repurchase authority granted by the board remained available.

Separate from the authorization for the convertibles, the company may acquire through open-market purchases, privately negotiated transactions or otherwise its 7.2% notes, 5 5/8% notes or Seabulk International, Inc.'s 9½% senior notes due 2013.

Seacor is a Fort Lauderdale, Fla., provider of marine support and transportation services.

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