SEACOR Marine Announces Debt Payoff Agreement
11 Junho 2021 - 7:00AM
SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR
Marine”), a leading provider of marine and support transportation
services to offshore energy facilities worldwide, announced that
Falcon Global USA LLC (“FGUSA”), an indirect subsidiary of SEACOR
Marine, entered into a second amendment and conditional payoff
agreement (the “Conditional Payoff Agreement”) in respect of the
credit facility of FGUSA, as borrower, and certain of its
subsidiaries, dated as of February 8, 2018 administered by JPMorgan
Chase Bank, N.A. (as amended, the “FGUSA Credit Facility”). As of
June 10, 2021, there was $117.3 million of principal outstanding
under the FGUSA Credit Facility.
Under the terms of the Conditional Payoff
Agreement, the $117.3 million of principal currently outstanding
will be deemed satisfied in full upon the payment to the lenders of
a total of $50.0 million comprised of (i) $25.0 million to be paid
at the signing of the Conditional Payoff Agreement, and (ii) $25.0
million to be paid on or before December 15, 2021. Hull and
machinery insurance proceeds received by the lenders in respect of
the SEACOR Power incident will be set off against and satisfy the
requirement to make the second $25.0 million payment. Such
insurance proceeds are expected to be received prior to December
15, 2021 in the amount of $25.0 million and are to be paid to the
lenders pursuant to the terms of the FGUSA Credit Facility. Upon
final payment, the FGUSA Credit Facility will terminate and the
mortgages and security arrangements will be released with respect
to the nine liftboats securing the obligations thereunder. SEACOR
Marine has provided a limited guaranty with respect to the
obligations of FGUSA under the Conditional Payoff Agreement.
After giving effect to the payoff of the FGUSA
Credit Facility and based on SEACOR Marine’s total debt reported as
of March 31, 2021, SEACOR Marine’s total debt will be reduced by
$112.5 million, resulting in total debt of $354.2 million, a 24.1%
reduction from the $466.7 million of total debt reported as of
March 31, 2021. SEACOR Marine’s net debt will decrease by $87.5
million on the same basis upon final payment.
John Gellert, SEACOR Marine’s Chief Executive Officer,
commented:
“This transaction significantly de-levers our
balance sheet and is an accretive use of our liquidity as we reset
the capital structure of our liftboat fleet. It also further
advances our previously stated strategy to maintain full financial
flexibility and our commitment to U.S.-flagged liftboats.
“We remain focused on our response to the SEACOR
Power incident and expect to complete the recovery efforts in July.
We continue to grieve for our crew members, partners and the loved
ones of those who were lost.”
SEACOR Marine provides global marine and support
transportation services to offshore energy facilities
worldwide. SEACOR Marine and its joint ventures operate 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
and are described in the Company’s filings with the SEC. It should
be understood that it is not possible to predict or identify all
such factors. 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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