Seacor gets $300 million credit facility at lower rates after buyback

By Toni Weeks

San Luis Obispo, Calif., July 23 – Seacor Holdings Inc. said that SEA-Vista, a group of its subsidiaries that operates its fleet of U.S.-flag product tankers, negotiated a $300 million secured credit facility.

The credit facility was obtained at a lower effective borrowing rate due to the company’s redemption of $99.9 million of Title XI bonds prior to their scheduled maturity, which released the liens on vessels supporting the Title XI financing.

Proceeds will be used for working capital, capital commitments for three U.S.-flag product tankers and future growth opportunities.

Seacor is an offshore oil, gas and marine equipment company based in Fort Lauderdale, Fla.

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