Dec. 2 at 11:30 AM
$SMHI Seacor Marine announces complete debt refinancing, newbuild orders
SEACOR Marine Holdings has entered into a new senior secured term loan of up to
$391.0 million with an affiliate of EnTrust Global and separate agreements to build two platform supply vessels for a contract price of
$41.0 million per vessel. The PSVs are each 4,650 tons deadweight with a 1,000 square meter deck area and equipped with medium speed diesel engines and an integrated battery energy storage system for higher fuel efficiency and lower running costs. The 2024 SMFH Credit Facility consolidates the Company's debt capital structure into a single credit facility maturing in the fourth quarter of 2029 and provides financing for the Shipbuilding Contracts.
The Company also announced the entry into definitive agreements to sell two anchor handling towing and supply vessels for total proceeds of
$22.5 million. The proceeds from the 2024 SMFH Credit Facility will be used to, among other things, refinance
$203.7 million of principal indebtedness under multiple secured debt facilities and
$125.0 million of unsecured indebtedness due in 2026, inclusive of
$35.0 million of convertible debt. The 2024 SMFH Credit Facility also provides up to
$41.0 million in borrowings to finance up to 50% of the Shipbuilding Contracts.
Borrowings under the 2024 SMFH Credit Facility will bear interest at a rate of 10.30% per annum and principal will be repaid in an initial quarterly installment of
$5.0 million in March 2025, followed by quarterly installments of
$7.5 million for the refinanced indebtedness and 2.13% of the principal amount borrowed to fund the Shipbuilding Contracts.
