HOUSTON, Oct. 05, 2022 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine transportation and support services to offshore oil and natural gas and wind farms worldwide, today announced the sale of its minority interests in joint ventures in Mexico and two refinancing transactions that significantly extended short-term maturities by more than $175 million three-year term of the Company until 2026:

  • On September 29, the Company entered into an agreement with affiliates of Proyectos Globales de Energía CME, SA de CV (“CME”) for the sale of the Company’s minority interests in its unconsolidated joint ventures in Mexico and a series of swaps related assets. for an aggregate consideration of $66 million in cash.
  • On September 29, the Company acquired 100% of the Mantenimiento Express Marítimo SAPI de CV (“MEXMAR”) secured loan outstanding from MEXMAR’s existing lenders for $28.8 million. MEXMAR immediately repaid $8.8 million of the loan and the remaining $20 million will be fully repaid in four equal quarterly installments of $5.0 million over the next year.
  • On September 29, the Company entered into an amendment to its senior secured term loan facility (the “Credit Facility”). As part of the amendment, the credit facility will include an extended tranche of $54.9 million, maturing in March 2026. The extended tranche will bear interest at a rate of 4.75% plus SOFR. The remaining $19.8 million of the loan will retain its current terms and will mature in September 2023. As part of this transaction, the Company made a prepayment of $5.3 million, reducing the total amount outstanding by under the $74.7 million credit facility.
  • On October 5, the Company entered into an exchange transaction with certain funds affiliated with The Carlyle Group Inc. (“Carlyle”) pursuant to which all of the $125.0 million of convertible senior notes at 4, 25% due 2023 of the Company was exchanged for (i) $90.0 million in aggregate principal amount of the Company’s new 8.0% / 9.5% senior PIK toggle notes due in 2026 and (ii) $35.0 million in aggregate principal amount of the Company’s new 4.25% senior convertible bonds due 2026.

John Gellert, CEO of SEACOR Marine, said:

“I am very pleased to announce this series of transactions which strengthen the Company’s liquidity and extend the maturities of our debt. This positions SEACOR Marine on a clear path to capture all the opportunities presented by the upcycle in our industry.

The sale of our unconsolidated joint ventures in Mexico is the cornerstone of our successful investment in MEXMAR and its related companies over the past two decades. Together with our partners at CME, we have developed the first Mexican offshore operator. The opportunity to unlock capital for the Company and provide a constructive exit from unconsolidated joint ventures was compelling. Going forward, we will maintain a strategic link with CME and full access to the important Mexican market by chartering equipment to MEXMAR.

On the refinancing operations, I am grateful to our core group of bank lenders led by DNB Bank ASA and to Carlyle for their continued support and confidence in SEACOR Marine. The refinancing transactions we announced today address our key 2023 maturities, demonstrate our ability to finance the Company on reasonable terms, and provide the Company with the capital structure it needs to navigate a cycle of improvement of its activities.

SEACOR Marine provides global shipping and support services to offshore energy installations around the world. SEACOR Marine operates a diverse fleet of offshore support vessels and specialty vessels that deliver cargo and personnel to offshore facilities; handle the anchors and mooring equipment needed to secure the platforms to the seabed; tow rigs and help place them in place and move them between regions; provide support for construction, workover of wells and decommissioning; and transporting and launching equipment used underwater for the drilling and installation, maintenance and repair of wells. In addition, SEACOR Marine vessels provide accommodations for technicians and specialists, security support and emergency response services.

Certain statements discussed in this release and in other reports, documents and oral statements that the Company releases to the public from time to time constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. , words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “believe”, “plan”, “target”, “plan” and other expressions similar statements are intended to identify forward-looking statements. These forward-looking statements relate to management’s expectations, strategic objectives, business prospects, expected economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the Company’s management. These statements are not guarantees of future performance, and actual events or results may differ materially from these statements. Actual events or results are subject to important known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control. It should be understood that it is not possible to predict or identify all of these factors. Accordingly, the foregoing should not be considered a complete analysis of all potential risks or uncertainties. In light of these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, unless required by law. You are, however, advised to consult any other disclosure made by the Company on related matters in its filings with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K (if applicable). These statements constitute the Company’s warnings under the Private Securities Litigation Reform Act of 1995.

Please visit the SEACOR Marine website at www.seacormarine.com for more information.

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