Seacor Marine pays off COSCO for PSV trio with $28m loan
US offshore vessel operator Seacor Marine has entered into a new $28m senior secured term loan facility to refinance three platform supply vessels (PSVs) built by COSCO Shipping Heavy Industry.
Seacor Marine said that the loan was provided by a Hudson Structured Capital Management affiliate and will fully refinance the shipyard financings maturing in 2023 and 2024.
COSCO Shipping Heavy Industry Zhoushan provided the shipyard financing regarding the 2019 and 2020 delivery of three Rolls Royce UT771CDL-designed PSVs.
All three vessels have 3,800 tons of deadweight capacity with dynamic position class 2 and firefighting class 1 notation. Seacor Marine made a deal to acquire the three PSVs in January 2019.
The facility provides for a new 5-year term loan that bears interest at a fixed rate of 10.25% and is secured by first-priority mortgages on each of the three PSVs and guaranteed by Seacor Marine. The PSVs are currently chartered in the Middle East and Angola.
“We are pleased to announce the refinancing of three of the youngest PSVs on the market with the support of Hudson Structured Capital Management. This refinancing illustrates the continuing improvement in the outlook of our business as we extend near-term maturities until 2028, which is after the maturity of our main senior secured credit facility and Carlyle notes,” said John Gellert, CEO of Seacor Marine.
