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Seacor’s SEA-Vista gets $200 million of amended, restated facilities
By Sarah Lizee
Olympia, Wash., Jan. 9 – Seacor Holdings Inc. subsidiary SEA-Vista I LLC entered into an amended and restated $200 million credit agreement with JPMorgan Chase Bank, NA as administrative agent that refinanced its existing credit facilities, according to an 8-K filing with the Securities and Exchange Commission.
JPMorgan, DNB Capital Markets, Inc. and Regions Bank are joint lead arrangers and joint lead bookrunners.
The agreement provides for a $100 million revolver and a $100 million term loan.
The revolver includes a $10 million swingline sub-facility.
The amendments include a modification to the margin above Libor to 200 basis points to 275 bps, and an extension of the maturity to Dec. 20, 2024 from April 15, 2020.
The amendment also provides for the removal of the requirement for periodic mandatory prepayments from excess cashflow under the credit agreement, and a replacement of restrictions on use of proceeds from disposition of vessels under the credit agreement with requirements for the maintenance of collateral coverage ratio and leverage ratio covenants.
The agreement allows SEA-Vista to use the borrowings for general corporate purposes, including acquisitions, and contains a $50 million accordion feature subject to lender approval.
At closing, the revolver remained undrawn, and about $76 million of the term loan proceeds were used to fund the repayment of SEA-Vista’s original credit facility.
The SEA-Vista facilities are non-recourse to Seacor and its subsidiaries other than SEA-Vista.
Seacor is an offshore oil, gas and marine equipment company based in Fort Lauderdale, Fla. SEA-Vista is a group of Seacor subsidiaries that operates the company’s fleet of U.S.-flag product tankers.
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