Blog Exposure – SEACOR Holdings Announces Sale and Lease of SEA-Vista Tanker

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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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, SEACOR Holdings most recent news is on our radar and we have decided to include it on our blog post. Today’s free coverage is available 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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