Houston-based OSV owner Seacor Marine Holdings has agreed a sale of its unconsolidated joint ventures in Mexico and a series of related asset swaps for $66m in cash.
The New York-listed firm struck a deal with Proyectos Globales de Energía affiliates, Operadora de Transportes Maritimos (OTM) and CME Ireland to sell 49% of its holdings in Mantenimiento Express Maritimo (MexMar) and Offshore Vessels Holding (OVH).
The deal included, Seacor selling its anchor handler Seacor Davis to CME Ireland in exchange for MexMar’s interests in the Seacor Marlin platform supplier, the transfer of a hybrid battery system from OVH to Seacor as loan repayment and a bareboat charter of the Seacor Marlin by MexMar.
In connection with the deal, Seacor acquired 100% of MexMar’s outstanding secured loan for $28.8m. MexMar paid down $8.8m of the loan and the remaining $20m will be fully repaid in four equal quarterly installments over the next year.
The company has also sealed two refinancing transactions that significantly extended more than $175m of its near-term maturities by three years to 2026.
Seacor Marine amended its senior secured loan facility for an extended tranche of $54.9m, maturing March 2026, bearing an interest rate of 4.75% plus SOFR. The remaining $19.8m of the loan will maintain its existing terms and mature in September 2023.
In addition, the company entered into an exchange transaction with funds affiliated with Carlyle Group under which the entire $125m of its 4.25% convertible senior notes due 2023 were exchanged for $90m in aggregate principal amount of its new 8.0% / 9.5% senior PIK toggle notes due 2026 and $35m in aggregate principal amount of the company’s new 4.25% convertible senior notes due 2026.