Sea-Vista announces refinancing of credit facilties, commencement of new charters, and increase in charter backlog
SEA-Vista I LLC (“SEA-Vista”), an indirect wholly-owned subsidiary of SEACOR Holdings Inc. (“SEACOR”) (NYSE:CKH), announced that it entered into an amended and restated $200 million credit agreement (the “Agreement”), which refinanced its existing credit facilities, with a syndicate of lenders led by JPMorgan Chase.
The Agreement provides for a $100 million revolving credit facility and a $100 million term loan facility, both of which mature in December 2024. The Agreement allows SEA-Vista to use the borrowings for general corporate purposes, including acquisitions, and contains a $50 million accordion feature subject to lender approval. At closing, the revolving credit facility remained undrawn, and approximately $76 million of the term loan proceeds were used to fund the repayment of SEA-Vista’s original credit facility. The SEA-Vista facilities are non-recourse to SEACOR and its subsidiaries other than SEA-Vista.
SEA-Vista also announced the commencement of a 7-year bareboat charter with an oil major and the execution of a new 12-month time charter to one of the world’s largest refiners. Including these two charters, SEA-Vista’s chartered revenue backlog as of December 31, 2019 was approximately $237 million through 2026. Currently, SEA-Vista’s U.S.-flag articulated tug-barge, the Sea-Power/Sea-Chem, is the only vessel entering 2020 with exposure to the spot market.
Eric Fabrikant, Chief Operating Officer of SEACOR, commented, “The refinancing provides SEA-Vista with additional flexibility as it seeks strategic opportunities to grow. We appreciate the strong support shown by our lending partners, which we believe reflects confidence in SEA-Vista’s robust backlog of revenues and cash flows.”
SEA-Vista I LLC, an indirect wholly-owned subsidiary of SEACOR Holdings Inc., operates a fleet of U.S.-flag product tankers servicing the U.S. coastwise trade of crude oil, petroleum and chemical products.
About SEACOR Holdings
SEACOR Holdings Inc. is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions. SEACOR is publicly traded on the New York Stock Exchange under the symbol CKH.