Seacor Marine, DNB Bank Pact for Refinance

Seacor Marine Holdings has entered into a USD 130 million loan facility with a syndicate of lenders led by DNB Bank ASA.

The provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide said in a press release that it has entered into a five-year, $130 million loan facility with the syndicate of lenders.

The new term loan will bear interest at an initial rate equal to LIBOR plus a margin of 3.75%. The Company used $101.3 million of the proceeds from the credit facility to pay in full three credit agreements.

The new term loan extends a significant amount of the Company’s near-term maturities with the bulk of the Company’s maturities now coming due in or after 2023. The remaining $28.3 million of gross proceeds is available for general corporate purposes, including potential acquisitions.

John Gellert, Chief Executive Officer of Seacor Marine, commented, “We are very pleased with today's announcement and value the support we received from our lending group. This refinancing consolidates multiple facilities into a more efficient single credit facility, improves our capital structure, and addresses our near-term maturities."

He added: "The new bank credit agreement puts us on even more solid financial footing and provides us with liquidity to continue to capitalize on opportunities as the offshore sector recovery continues."

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