Seacor Marine amends, extends credit facility with DNB Bank

By Mary-Katherine Stinson

Lexington, Ky., Dec. 23 – Seacor Marine Holdings Inc.’s wholly owned subsidiary Seacor Offshore OSV LLC and certain vessel-owning subsidiaries of Seacor OSV entered into amendment No. 8 on Dec. 22 to its second amended and restated credit facility agreement with DNB Capital LLC and Comerica Bank as lenders and administered by DNB Bank ASA, New York Branch, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides the division of loans under the credit facility into two tranches, class A debt loaned by DNB Capital LLC and class B debt loaned by Comerica Bank.

The final payment date of the class A debt was extended to March 31, 2026 from Dec. 31, 2023.

The margin of the class A debt was increased to 475 basis points annually from 468 bps annually.

The amortization profile of the facility was amended to require the borrowers to pay $500,000 per quarter up to and including the quarter ending on Dec. 31, 2023, at which point all amounts outstanding under the class B debt shall become due and payable, and $330,450 per quarter thereafter up to and including March 31, 2026.

The class B debt maintains substantially the same terms and conditions as it had prior to the amendment.

Seacor is a Houston-based provider of marine and support transportation services to offshore energy facilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.