SEACOR Marine Announces Sale of Unconsolidated Joint Ventures and Refinancing Transactions to Significantly Extend Near Term Maturities
05 Octubre 2022 - 4:19PM
SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR
Marine”), a leading provider of marine and support transportation
services to offshore oil and natural gas and wind farm facilities
worldwide, today announced the sale of its minority equity
interests in joint ventures in Mexico and two refinancing
transactions that significantly extended more than $175 million of
the Company’s near term maturities by three years to 2026:
- On September 29th, the Company
entered into an agreement with affiliates of Proyectos Globales de
Energía CME, S.A. de C.V. (“CME”) for the sale of the Company’s
minority equity interests in its unconsolidated joint ventures in
Mexico and a series of related asset swaps for aggregate
consideration of $66 million cash.
- On September 29th, the Company
acquired 100% of Mantenimiento Express Marítimo SAPI de CV’s
(“MEXMAR”) outstanding secured loan from MEXMAR’s existing lenders
for $28.8 million. MEXMAR immediately paid down $8.8 million of the
loan and the remaining $20 million will be fully repaid in four
equal quarterly installments of $5.0 million over the next
year.
- On September 29th, the Company
entered into an amendment of its senior secured term loan facility
(the “Credit Facility”). In connection with the amendment, the
Credit Facility will have an extended tranche of $54.9 million,
maturing in March 2026. The extended tranche will bear interest at
a rate of 4.75% plus SOFR. The remaining $19.8 million of the loan
will maintain its existing terms and mature in September 2023. In
connection with this transaction, the Company made a pre-payment of
$5.3 million, reducing the total amount outstanding under the
Credit Facility to $74.7 million.
- On October 5th, the Company entered
into an exchange transaction with certain funds affiliated with The
Carlyle Group Inc. (“Carlyle”) pursuant to which the entire $125.0
million of the Company’s 4.25% Convertible Senior Notes due 2023
were exchanged for (i) $90.0 million in aggregate principal amount
of the Company’s new 8.0% / 9.5% Senior PIK Toggle Notes due 2026
and (ii) $35.0 million in aggregate principal amount of the
Company’s new 4.25% Convertible Senior Notes due 2026.
John Gellert, SEACOR
Marine’s Chief Executive Officer, commented:
“I am very pleased to
announce this series of transactions that bolster the Company’s
liquidity and extend our debt maturities. This positions SEACOR
Marine with a clear path to capture the full opportunity set
presented by the upcycle in our industry.
The sale of our
unconsolidated joint ventures in Mexico is the capstone of our
successful investment in MEXMAR and its related companies for the
past two decades. Together with our partners at CME, we developed
the leading Mexican offshore operator. The opportunity to unlock
capital for the Company and provide a constructive exit from
unconsolidated joint ventures was compelling. Going forward, we
will retain a strategic link with CME and full access to the
important Mexican market by chartering equipment to MEXMAR.
On the refinancing
transactions, I am thankful to our core group of bank lenders led
by DNB Bank ASA and to Carlyle for their continued support and
confidence in SEACOR Marine. The refinancing transactions we
announced today address our main 2023 maturities, demonstrate our
ability to finance the Company at reasonable terms and provide the
Company with the capital structure it needs to navigate an
improving cycle for its business.”
SEACOR Marine provides global marine and support
transportation services to offshore energy facilities
worldwide. SEACOR Marine operates a diverse fleet of offshore
support and specialty vessels that deliver cargo and personnel to
offshore installations; handle anchors and mooring equipment
required to tether rigs to the seabed; tow rigs and assist in
placing them on location and moving them between regions; provide
construction, well workover and decommissioning support; and carry
and launch equipment used underwater in drilling and well
installation, maintenance and repair. Additionally, SEACOR
Marine’s vessels provide accommodations for technicians and
specialists, safety support and emergency response services.
Certain statements discussed in this release as
well as in other reports, materials and oral statements that the
Company releases from time to time to the public constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Generally, words
such as “anticipate,” “estimate,” “expect,” “project,” “intend,”
“believe,” “plan,” “target,” “forecast” and similar expressions are
intended to identify forward-looking statements. Such
forward-looking statements concern management’s expectations,
strategic objectives, business prospects, anticipated economic
performance and financial condition and other similar
matters. Forward-looking statements are inherently uncertain
and subject to a variety of assumptions, risks and uncertainties
that could cause actual results to differ materially from those
anticipated or expected by the management of the Company.
These statements are not guarantees of future performance and
actual events or results may differ significantly from these
statements. Actual events or results are subject to
significant known and unknown risks, uncertainties and other
important factors, many of which are beyond the Company’s
control. It should be understood that it is not possible to
predict or identify all such factors. Consequently, the
preceding should not be considered to be a complete discussion of
all potential risks or uncertainties. Given these risk
factors, investors and analysts should not place undue reliance on
forward-looking statements. Forward-looking statements speak
only as of the date of the document in which they are made.
The Company disclaims any obligation or undertaking to provide any
updates or revisions to any forward-looking statement to reflect
any change in the Company’s expectations or any change in events,
conditions or circumstances on which the forward-looking statement
is based, except as required by law. It is advisable,
however, to consult any further disclosures the Company makes on
related subjects in its filings with the Securities and Exchange
Commission, including Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K (if
any). These statements constitute the Company’s cautionary
statements under the Private Securities Litigation Reform Act of
1995.
Please visit SEACOR Marine’s website at
www.seacormarine.com for additional information.For all other
requests, contact InvestorRelations@seacormarine.com
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