Seabulk Completes Stock Issuance and Refinancing

Friday, September 20, 2002
Seabulk International, Inc. announced the completion of the issuance of 12.5 million shares of common stock at $8.00 per share to a group of investors led by entities associated with DLJ Merchant Banking Partners III, L.P., an affiliate of CSFB Private Equity, and Carlyle/Riverstone Global Energy and Power Fund I, L.P, an affiliate of The Carlyle Group of Washington, D.C. The stock issuance was previously approved by the company's shareholders at a Special Meeting held on September 5. The new investors also purchased approximately 5.1 million shares of outstanding Company common stock (including shares issuable upon the exercise of warrants) beneficially owned by accounts managed by Loomis, Sayles & Co., L.P. As a result of the two transactions, the investors will own approximately 72% of the fully diluted shares of common stock of the Company. Pursuant to the agreement with the investors, the Company's Board of Directors has been restructured to permit the investors to designate a majority (six of ten seats) of the Board. The company also announced it had entered into a new $180 million credit facility with Fortis Capital Corp. and NIB Capital Bank N.V. The new facility, which matures in five years, consists of an $80 million term loan and a $100 million revolving credit facility. The new debt will have floating interest rates and cost significantly less than the Company's previous financing arrangements. Proceeds from the stock issuance and new credit facility, totaling $280 million, less applicable fees and expenses, are being used primarily to pay off the Company's previous bank debt of approximately $151 million and to redeem all of its 12 1/2% Senior Secured Notes due 2007 for approximately $100.3 million plus accrued interest. The company's reconstituted Board of Directors will have six new members and four continuing members. The new members are Ari Benacerraf, a Managing Director of Credit Suisse First Boston; David Durkin, a Vice President of Credit Suisse First Boston; Kenneth V. Huseman, President and Chief Executive Officer of BASiC Energy Services; Pierre F. Lapeyre, Jr. and David M. Leuschen, co-Founders and Managing Directors of Riverstone Holdings LLC; and Steven Webster, Managing Director of Global Energy Partners, an affiliate of DLJ Merchant Banking Partners. The continuing members are RADM Peter H. Cressy, USN (ret.), President and Chief Executive Officer of the Distilled Spirits Council of the United States, Inc.; Robert L. Keiser, former Chairman of the Board of the Kerr-McGee Corporation; Gerhard E. Kurz, President and Chief Executive Officer of Seabulk International, Inc.; and Thomas P. Moore, Jr., a Principal of State Street Global Advisors and a member of the State Street Global Advisors International Equity Team.
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

USCG Updates Rules for Arrival/Departure Notices, AIS

Final rule on vessel requirements for Notices of Arrival and Departure and Automatic Identification System published in Federal Register   U.S. Coast Guard (USCG)

Raytheon Anschütz Opens Service Center in Panama

German navigation system manufacturer Raytheon Anschütz has established its new subsidiary Raytheon Anschuetz Panama, S. de R.L., in Panama City.   The new company,

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

Finance

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1536 sec (7 req/sec)