Seacor changes conversion rates on its 2.5%, 3% convertibles in connection with spinoff

By Stephanie N. Rotondo

Seattle, June 19 – Seacor Holdings Inc. announced an adjustment to the conversion rates of its 2.5% convertible senior notes due 2027 and its 3% convertible senior notes due 2028 on Monday.

The alterations of the conversion rates were done in connection with the spinoff of its Seacor Marine Holdings Inc. subsidiary.

For the 2.5% convertibles, the conversion rate was upped to 18.4176 shares per each $1,000 of notes, versus 12.0015 shares previously. That changed to conversion price to $54.30 a share versus the initial conversion price of $83.32 a share.

For the 3% convertibles, the conversion rate was increased to 12.1789 shares per each $1,000 of notes. The initial conversion rate was 7.9362 shares.

The conversion price on the 3% bonds fell to $82.11 a share, compared to the initial conversion price of $126.00 a share.

Seacor is a Fort Lauderdale, Fla.-based diversified holding company with interests in domestic and international transportation and logistics, alcohol manufacturing and merchandising, and risk management consultancy.

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