Seacor Smit to redeem remaining 5 3/8% convertibles

New York, Sept. 20 - Seacor Smit Inc. said it will redeem its remaining $36.3 million principal amount of 5 3/8% convertible subordinated notes due 2006 with part of the proceeds of the $200 million of 5 7/8% senior notes due 2012 it priced on Friday.

The Houston operator of oil and gas support vessels said the redemption will consume up to $37.2 million of the note proceeds, depending on whether holders convert the securities ahead of the redemption.

In July Seacor Smit redeemed $10 million of the convertibles.

The subordinated notes are convertibles into 22.727 shares. Seacor Smit's stock closed at $48.01 on Friday.

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