Seacor $200 million overnight convertible talked to yield 2.75%-2.875%, up 40%-42%

Nashville, Dec. 7 - Seacor Holdings Inc. launched an overnight $200 million offering of 20-year convertible notes talked to yield 2.75% to 2.875% with a 40% to 42% initial conversion premium.

Credit Suisse First Boston is sole bookrunner of the Rule 144A deal, which is pricing before Wednesday's open.

The senior debentures will be non-callable for five years, with puts in years seven, 10 and 15. There is a 120% contingent conversion trigger and 120% contingent payment trigger, plus net share settlement.

Full dividend and takeover protection are included.

A $50 million greenshoe is available.

Houston-based Seacor, which operates workboats to offshore drilling rigs and inland river barges as well as oil spill remediation services, said proceeds would be used for general corporate purposes, including possible debt repayments.

Seacor shares closed Tuesday down 95 cents, or 1.79%, to $52.25.

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