Seacor Marine to fund operations via $57M placement of shares
U.S. offshore vessel owner Seacor Marine has entered into a subscription agreement with qualified institutional buyers and other accredited investors for the private placement of 2,842,750 shares.
Seacor said last Friday that the purchase price of the company’s common stock was set at $20.00 per share.
According to Seacor, the gross proceeds to the company will be $56.9 million, which the company plans to use for general corporate purposes.
The company added that, concurrent with the private placement, Seacor Marine and the Carlyle Group agreed to exchange $50 million of Seacor Marine’s outstanding 3.75% senior convertible notes due December 2022 for a total of approximately 1.9 million shares of common stock at an implied exchange price of $26.50 per share.
Seacor Marine and the Carlyle Group also agreed to amend the notes that will remain outstanding to increase the coupon from 3.75% per annum to 4.25% per annum and extend the maturity of the notes by 12 months to December 2023.