New Issue: Seacor sells $200 million convertible at 2.875% yield, up 40%

Nashville, Dec. 8 - Seacor Holdings Inc. sold $200 million of 20-year convertible senior unsecured notes at par to yield 2.875% with a 40% initial conversion premium via sole bookrunner Credit Suisse First Boston.

The Rule 144A overnight deal sold at the cheap end of price talk for a 2.75% to 2.875% coupon and 40% to 42% initial conversion premium.

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.

Terms of the deal are:

Issuer:	Seacor Holdings Inc.
Issue:	Convertible senior debentures
Bookrunner:	Credit Suisse First Boston
Amount:	$200 million
Greenshoe:	$50 million
Maturity:	Dec. 1, 2024
Coupon:	2.875%
Price:	Par
Yield:	2.875%
Conversion premium:	40%
Conversion price:	$73.15
Conversion ratio:	13.6705
Contingent conversion:	120%
Contingent payment:	120%
Net share settlement:	Yes
Dividend protection:	Yes
Takeover protection:	Yes
Call:	Non-callable for 7 years
Put:	In years 7, 10 and 15
Price talk:	2.75-2.875%, up 40-42%
Pricing date:	Dec. 8, before market open
Settlement date:	Dec. 13
Distribution:	Rule 144A

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