SEACOR Marine Announces Complete Debt Refinancing, Newbuild Orders, and Vessel Sales

Core Viewpoint - SEACOR Marine Holdings Inc. has secured a new senior secured term loan of up to $391.0 million and entered into agreements to build two platform supply vessels (PSVs) for$ 41.0 million each, consolidating its debt and enhancing its fleet [1][4] Financing Details - The proceeds from the 2024 SMFH Credit Facility will refinance $203.7 million of principal indebtedness and$ 125.0 million of unsecured debt due in 2026, including $35.0 million of convertible debt [2] - The facility allows for up to$ 41.0 million in borrowings to finance 50% of the Shipbuilding Contracts, with an interest rate of 10.30% per annum and an initial repayment of $5.0 million starting March 2025 [2] Strategic Importance - The new financing consolidates all debt under a single facility maturing in 2029, addressing near-term maturities and eliminating approximately 10% of dilution overhang on the company's common stock [4] - The construction of the two PSVs is part of an asset rotation strategy aimed at renewing the fleet with high-specification, environmentally efficient assets [4] Vessel Specifications - Each PSV will have a deadweight of 4,650 tons, a deck area of 1,000 square meters, and will be equipped with medium-speed diesel engines and an integrated battery energy storage system [1] Asset Sales - The company will use$ 22.5 million from the sale of two anchor handling towing and supply (AHTS) vessels to partly fund the new construction program, marking its exit from the AHTS asset class effective January 2025 [4]