Seacor ups buyback program for 2.875% convertibles, stock by $75.5 million

By Angela McDaniels

Tacoma, Wash., June 6 - Seacor Holdings Inc. said its board of directors increased its authorization for repurchases of Seacor's 2.875% convertible senior debentures due 2024 and common stock by $75.5 million.

The company is now authorized to spend up to $150 million on the purchase of these securities.

Seacor noted that it may also purchase, separate from the repurchase authorization, any or all of its 7.2% senior notes due 2009, its 5 7/8% senior notes due 2012 and the 9½% senior notes due 2013 of wholly owned subsidiary Seabulk International, Inc.

The repurchase of securities may be conducted from time to time through open market purchases or privately negotiated transactions, according to a company news release.

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

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