By Rebecca Melvin
New York, Nov. 7 - Seacor Holdings Inc. priced $200 million of 15-year convertible senior notes after the market close Wednesday at par to yield 3% with an initial conversion premium of 37.5%, according to a news release.
Pricing of the Rule 144A deal came through the tight end of coupon talk, which was 3.25% to 3.75%, and at the tight end of 32.5% to 37.5% premium talk.
The Rule 144A offering has a $30 million over-allotment option and was sold via Goldman Sachs & Co. and Deutsche Bank Securities Inc.
The notes are non-callable for five years and are putable in years seven and 10. There is contingent conversion and net share settlement.
Proceeds will be used for general corporate purposes.
Seacor is an offshore oil, gas and marine equipment company based in Fort Lauderdale, Fla.
| Issuer: | Seacor Holdings Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $200 million
|
| Greenshoe: | $30 million
|
| Maturity: | Nov. 15, 2028
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities Inc.
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Conversion premium: | 37.5%
|
| Conversion price: | $126.00
|
| Conversion ratio: | 7.9362 shares
|
| Calls: | Non-callable for five years
|
| Puts: | In years seven and 10
|
| Net share settlement: | Yes
|
| Contingent conversion: | Yes
|
| Price talk: | 3.25%-3.75%, up 32.5%-37.5%
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 13
|
| Stock symbol: | NYSE: CKH
|
| Stock reference price: | $91.64 at close Nov. 6
|
| Distribution: | Rule 144A
|
| Market capitalization: | $1.89 billion
|
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