SEACOR Holdings entered into a five-year revolving loan facility with a syndicate of lenders allowing for borrowings of up to $125 million from time to time, with the ability to increase borrowings up to $200 million in accordance with the terms of the facility.
According to the related 8-K filing, JPMorgan Chase Bank acted as administrative agent and security trustee for the lenders, as well as the issuing bank.
The principal amounts of loans will bear interest at either a base rate plus a margin ranging from 0.75% to 2.00%, depending on the company’s maximum net funded debt ratio, or interest periods of one, two, three or six months at an annual rate equal to LIBOR for the corresponding deposits of U.S. dollars, plus a margin ranging from 1.75% to 3.00% based on the company’s maximum net funded debt ratio.
Debt under the agreement will mature and all outstanding amounts thereunder will be payable on March 19, 2024.
Repayment of obligations under the credit agreement was secured by a pledge over all assets of the company and certain of its subsidiaries.
SEACOR is a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy.