US offshore vessel operator Seacor Marine has entered into a new $122m senior secured term loan with affiliates of EnTrust Global.
Seacor Marine said that the new loan provided the company with a more efficient and consolidated capital structure.
The proceeds from the credit facility will be used, among other things, to refinance $104.6m of principal indebtedness under five separate debt facilities with different lenders thereby extending their maturity dates from 2023-2026 to 2028.
Borrowings under the credit facility will bear interest at a rate of 11.75% per annum and the principal will be repaid in quarterly instalments of 2.5% of the initial principal amount of the loan.
“Not only does the transaction extend all of our secured debt maturities to 2028 or later but it also provides us with the financial flexibility to take advantage of the favourable market conditions we have been experiencing over the past several quarters,” John Gellert, Seacor Marine’s CEO, said.
