Seabulk Announces Agreement On $100M Equity Investment
Seabulk International, Inc. announced the signing of a definitive agreement with DLJ Merchant Banking Partners III, L.P., a CSFB Private Equity fund, and affiliated entities, and Carlyle/Riverstone Global Energy and Power Fund I, L.P. for the private placement of 12.5 million shares of newly issued Seabulk common stock at a cash price of $8.00 per share. The $100 million investment would give the new investors approximately 51% of the pro forma, fully diluted common shares of the Company and majority representation on its Board of Directors. The investment is subject to shareholder approval, the refinancing of the Company's senior credit facility, certain regulatory approvals and satisfaction of other customary conditions.
Seabulk Holds Special Shareholder Meeting
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. week. * add a number of minority shareholder provisions. 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.
Seabulk Completes Stock Issuance and Refinancing
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.
