The company used $101.3 million of the proceeds from the credit facility to pay in full three credit agreements. The remaining $28.3 million of gross proceeds will be available for general corporate purposes, including potential acquisitions.
The new term loan will bear interest at an initial rate equal to LIBOR plus a margin of 3.75%. The loan also extends a significant amount of the company’s near-term maturities with the bulk of the company’s maturities now coming due in or after 2023.
John Gellert, CEO of SEACOR Marine, commented, “We are very pleased with today’s announcement and value the support we received from our lending group. This refinancing consolidates multiple facilities into a more efficient single credit facility, improves our capital structure, and addresses our near-term maturities. The new bank credit agreement puts us on even more solid financial footing and provides us with liquidity to continue to capitalize on opportunities as the offshore sector recovery continues.”
SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide.