Seacor to solicit consents for $138.5 million 9½% notes due 2013

By Jennifer Chiou

New York, Feb. 7 - Seacor Holdings Inc. is planning a consent solicitation for wholly owned subsidiary Seabulk International, Inc.'s $138.5 million of 9½% senior notes due 2013, according to an S-3 filing with the Securities and Exchange Commission.

The company will be asking noteholders to approve eliminating restrictive covenants in the notes' indenture related to SEC filing requirements and operational flexibility for operational integration between the two companies.

If Seacor receives the required consents, it is offering to fully guarantee Seabulk's payment obligations on the notes on a senior, unsecured basis.

The expiration of the solicitation is yet to be announced.

The company must obtain consents from holders of a majority of the notes.

On July 1, the company merged with Seabulk and Seabulk stockholders received 0.2694 shares of Seacor stock plus $4.00 in cash for each Seabulk share.

UBS Securities LLC is the solicitation agent and D.F. King & Co., Inc. is the information agent.

Houston-based Seacor operates work boats to offshore drilling rigs and inland river barges as well as oil spill remediation services.

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