Seacor gains consents to amend $138.5 million 9½% notes due 2013

New York, Feb. 28 - Seacor Holdings Inc. said it received the necessary consents to amend wholly owned subsidiary Seabulk International, Inc.'s $138.5 million of 9½% senior notes due 2013.

By the expiration of 5 p.m. ET on Feb. 28, holders of more than a majority of the notes had approved the changes.

Holders who consented will receive a fee of $2.50 per $1,000 principal amount.

In addition, Seacor will fully guarantee Seabulk's payment obligations on the notes on a senior unsecured basis.

The company was 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.

The company needed 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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