Houma, La.-based SEACOR Marine Holdings Inc., a provider of marine and support transportation services to offshore oil, natural gas and wind power facilities worldwide, has entered into a five-year, $130 million loan facility with a syndicate of lenders led by DNB Bank ASA.
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.
“We are very pleased with today’s announcement and value the support we received from our lending group,” says John Gellert, CEO of SEACORE Marine. “This refinancing consolidates multiple facilities into a more efficient single credit facility, improves our capital structure and addresses our near-term maturities. 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.”