Seabulk Holds Special Shareholder Meeting

Friday, September 06, 2002
Seabulk International, Inc. announced approval by its shareholders of the issuance of 12.5 million shares of common stock at $8.00 per share to a group of investors led by affiliates of DLJ Merchant Banking Partners III, L.P. and Carlyle/Riverstone Global Energy and Power Fund I, L.P. Proceeds from the transaction, totaling $100 million less applicable fees, will be used to pay down debt, provide working capital and for general corporate purposes. Closing of the transaction is expected within the next week. At a Special Meeting of Shareholders held for the specific purpose of approving the stock issuance and related items, shareholders also approved amendments to the Company's Certificate of Incorporation that will:

* increase the number of authorized shares of the Company's common stock from 20,000,000 to 40,000,000 * remove the classification of the Board into three classes of Directors and provide for the annual election of all Directors, and * add a number of minority shareholder provisions. "Today's action by our shareholders is an essential step in the recapitalization of the company and paves the way for the completion of the transactions contemplated in our announcement of June 13," commented president and CEO Gerhard E. Kurz. "These transactions include paying down our existing credit facility, redeeming all of our outstanding 12 1/2 percent Senior Secured Notes due 2007, and entering into a new $180 million credit facility with Fortis Capital Corp. and NIB Capital Bank N.V. The result will be a Company with reduced debt and the financial flexibility to pursue potential future growth opportunities." In connection with next week's closing, the Company's new investors have also agreed to purchase, for $8.00 per share, all of the Company's common stock and common stock purchase warrants beneficially owned by accounts managed by Loomis, Sayles & Co., L.P., an SEC-registered investment advisor. These accounts currently hold approximately 5.2 million shares (excluding shares issuable upon exercise of warrants). Taken together, the two transactions (the stock issuance and the purchase of the Loomis shares) will give the new investors approximately 73% of the pro forma, fully diluted shares of the Company and majority representation on its Board of Directors. With a fleet of 174 vessels, Seabulk International is a leading provider of marine support and transportation services, primarily to the energy and chemical industries. We provide benchmark quality service to our customers based on innovative technology, the highest safety standards, modern efficient equipment and dedicated, professional employees.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

Servowatch to Showcase New AMC Range at SMM

Servowatch Systems, a U.K.-based business unit of the Electrical and Automation division of India’s engineering giant Larsen & Toubro, said its exhibition stand

Krill Supplies VFMMS to Island Tug and Barge

Krill Systems Inc., a producer of Vessel Fuel Measurement and Monitoring Systems (VFMMS), announced delivery, installation and successful sea trials of three more systems to Island Tug and Barge Ltd.

Harris Secures Certification for its Multi-channel Manpack Radio

Harris Corporation (NYSE:HRS) has received Type-1 National Security Agency (NSA) certification for its Falcon III® RF-340M multi-channel manpack radio. The certification

Finance

Sinopec's Profit up at 32.5 billion yuan in 1H, 2014

Asia's largest refiner - China Petroleum & Chemical Corporation announced Friday night, according to international accounting standards, the first half net profit of 32.

Polynesian Shipping Sold to Neptune Pacific Line

The Board of Polynesian Shipping Line Limited, Apia informed   that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited.

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction 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: 0.1420 sec (7 req/sec)