Seacor Marine exchanges $50 million 3.75% convertibles for shares, extends remainder

By Wendy Van Sickle

Columbus, Ohio, May 2 – Seacor Marine Holdings Inc. entered into an amendment and exchange agreement on Tuesday with some affiliates of the Carlyle Group that are holders of Seacor’s 3.75% convertible senior notes due December 2022, according to an 8-K filing with the Securities and Exchange agreement.

Under the agreement, Seacor and the Carlyle holders agreed to exchange $50 million of the notes for warrants to purchase a total of about 1.9 million shares of Seacor’s common stock at an exercise price of $0.01 per share representing an implied exchange rate of approximately 37.73 shares per $1,000 in principal amount of the notes, equivalent to an exchange price of $26.50 per share.

The company’s shares closed at $23.23 on Monday.

Additionally, Seacor and the Carlyle holders agreed to amend the $125 million of the notes that will remain outstanding to increase the interest rate to 4.25% and extend the maturity by 12 months to December 2023.

Seacor is an offshore oil, gas and marine equipment company based in Fort Lauderdale, Fla.

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