SEACOR Marine Announces Sale of Unconsolidated Joint Ventures and Refinancing Transactions to Significantly Extend Near Term Maturities
September 29th, the Company entered into an agreement with affiliates of Proyectos Globales de Energía CME, S.A. de C.V.(“CME”) for the sale of the Company’s minority equity interests in its unconsolidated joint ventures in Mexicoand a series of related asset swaps for aggregate consideration of $66 millioncash.
September 29th, the Company acquired 100% of Mantenimiento Express Marítimo SAPI de CV’s (“MEXMAR”) outstanding secured loan from MEXMAR’s existing lenders for $28.8 million. MEXMAR immediately paid down $8.8 millionof the loan and the remaining $20 millionwill be fully repaid in four equal quarterly installments of $5.0 millionover the next year.
September 29th, the Company entered into an amendment of its senior secured term loan facility (the “Credit Facility”). In connection with the amendment, the Credit Facility will have an extended tranche of $54.9 million, maturing in March 2026. The extended tranche will bear interest at a rate of 4.75% plus SOFR. The remaining $19.8 millionof the loan will maintain its existing terms and mature in September 2023. In connection with this transaction, the Company made a pre-payment of $5.3 million, reducing the total amount outstanding under the Credit Facility to $74.7 million.
October 5th, the Company entered into an exchange transaction with certain funds affiliated with The Carlyle Group Inc. (“Carlyle”) pursuant to which the entire $125.0 millionof the Company’s 4.25% Convertible Senior Notes due 2023 were exchanged for (i) $90.0 millionin aggregate principal amount of the Company’s new 8.0% / 9.5% Senior PIK Toggle Notes due 2026 and (ii) $35.0 millionin aggregate principal amount of the Company’s new 4.25% Convertible Senior Notes due 2026.
“I am very pleased to announce this series of transactions that bolster the Company’s liquidity and extend our debt maturities. This positions
The sale of our unconsolidated joint ventures in
On the refinancing transactions, I am thankful to our core group of bank lenders led by
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the
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Source: SEACOR Marine Holdings Inc.