Seacor Marine completes debt refinancing, orders new vessels
Houston-based Seacor Marine Holdings, a provider of marine and support transportation services to offshore energy facilities worldwide, has entered into a new senior secured term loan of up to US$391 million with an affiliate of EnTrust Global (2024 SMFH Credit Facility) and separate agreements to build two platform supply vessels (PSVs) for a contract price of US$41 million per vessel.
The PSVs will each have a deadweight of 4,650, a 1,000-square-metre deck, medium-speed diesel engines, and an integrated battery energy storage system for higher fuel efficiency and lower running costs.
The 2024 SMFH Credit Facility consolidates Seacor Marine's debt capital structure into a single credit facility maturing in the fourth quarter of 2029 and provides financing for the PSV construction contracts.
The company also announced the entry into definitive agreements to sell two anchor handling tug supply (AHTS) vessels for total proceeds of US$22.5 million.
The proceeds from the 2024 SMFH Credit Facility will be used to, among other things, refinance US$203.7 million of principal indebtedness under multiple secured debt facilities and US$125 million of unsecured indebtedness due in 2026, inclusive of US$35 million of convertible debt.
The 2024 SMFH Credit Facility also provides up to US$41 million in borrowings to finance up to 50 per cent of the shipbuilding contracts. Borrowings under the 2024 SMFH Credit Facility will bear interest at a rate of 10.3 per cent per annum and principal will be repaid in an initial quarterly installment of US$5 million in March 2025, followed by quarterly installments of US$7.5 million for the refinanced indebtedness and 2.13 per cent of the principal amount borrowed to fund the shipbuilding contracts.
