LONDON, UK / ACCESSWIRE / December 15, 2017 / Active-Investors issued a free report on SEACOR Holdings Inc. (NYSE: CKH) (“SEACOR”), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=CKH as the Company’s latest news hit the wire. On December 13, 2017, SEACOR, a diversified holding Company with interests in domestic and international transportation and logistics and risk management consultancy, declared that its SEA-Vista subsidiary has entered into an agreement to sell one of its ECO-Class tankers for nearly $135 million. Sign up now for our free research reports at:
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Sale Proceeds to be Used for Repaying Debts
- The proceeds from the sale of the ECO-Class tankers would be used to repay SEA-Vista’s outstanding term loans and revolver. Post which, SEA-Vista would have an outstanding debt of around $130 million.
- As of now, SEACOR owns 51% of SEA-Vista. Thus, it must be noted that SEA-Vista’s debt is non-recourse to SEACOR and it is included in SEACOR’s consolidated financial statements.
Overview of the Deal
- As a part of the deal, SEA-Vista will lease the vessel from the purchaser and simultaneously bareboat the vessel to one of the oil majors for the duration of the lease.
- As on December 31, 2017, SEA-Vista would have revenue backlog of $452 million, which comprises of revenues from time-charter and bareboat contracts that extend over 9 years; while for the first half of 2018, around 88% of SEA-Vista’s available service days will be contracted.
Adjustment to the Conversion Rate of Its 2.50% Convertible Senior Notes Due 2027 and Its 3.00% Convertible Senior Notes Due 2028
On December 07, 2017, SEACOR announced an adjustment to the conversion rate of its 2.50% Convertible Senior Notes due 2027 and its 3.00% Convertible Senior Notes due 2028 for its previously announced dividend payable to stockholders on a pro-rata basis consisting of 3,977,135 shares of Dorian LPG Ltd’s common stock on December 20, 2017. As a result of the dividend, the conversion rates were adjusted as follows:
- The conversion rate for the Notes due 2027 was adjusted to 19.0381 from 18.4176 shares of the Company’s common stock per $1,000 in principal amount of the Notes due 2027. In terms of the conversion price, it is equivalent to around $52.53 per share, as compared to the prior price of $54.30 per share.
- On the other hand, the conversion rate on the Notes due 2028 was adjusted to 12.5892 from 12.1789 shares of the Company’s common stock per $1,000 in principal amount of the Notes due 2028. In terms of the conversion price, it is equivalent to around $79.43 per share, as compared to the prior price of $82.11 per share.
About SEACOR Holdings Inc.
SEACOR was founded in 1989 and is based in Fort Lauderdale, Florida.
Stock Performance Snapshot
December 14, 2017 – At Thursday’s closing bell, SEACOR’s stock dropped 2.67%, ending the trading session at $45.26.
Volume traded for the day: 106.57 thousand shares.
Stock performance in the last three-month – up 14.45%; previous six-month period – up 36.76%; past twelve-month period – up 16.77%; and year-to-date – up 10.30%
After yesterday’s close, SEACOR’s market cap was at $841.38 million.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry.
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