HOUSTON, Oct. 05, 2022 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. SMHI (the “Company” or “SEACOR Marine”), a leading provider of marine and supporting transportation services to offshore oil and natural gas and wind farm assets worldwide, today announced the sale of its minority interest in joint ventures in Mexico and two refinancing transactions, which extended more than $175 million of the company’s short-term maturities by three years to 2026:
- On 09/29ththe Company entered into an agreement with affiliates of Proyectos Globales de Energía CME, SA de CV (“CME”) to sell the Company’s minority interests in its unconsolidated joint ventures in Mexico and a series of related asset swaps for total consideration of $66 million in cash.
- On 09/29th, the Company acquired 100% of the outstanding Mantenimiento Express Marítimo SAPI de CV (“MEXMAR”) secured loan from MEXMAR’s existing lenders for $28.8 million. MEXMAR immediately repaid $8.8 million of the loan and the remaining $20 million will be repaid in full over the next year in four equal quarterly installments of $5.0 million.
- On 09/29ththe Company has completed an amendment to its senior secured credit facility (the “Credit Facility”). In connection with the change, the credit facility will have an extended tranche of $54.9 million maturing in March 2026. The extended tranche bears interest at a rate of 4.75% plus SOFR. The remaining $19.8 million of the loan will retain its existing terms and mature in September 2023. In connection with this transaction, the Company made an upfront payment of $5.3 million, reducing the total amount outstanding under the credit facility to $74.7 million.
- On October 5thththe Company completed an exchange transaction with certain funds affiliated with The Carlyle Group Inc. (“Carlyle”) whereby the entire $125.0 million of the Company’s 4.25% convertible senior notes due 2023 will be exchanged. ..
