SEACOR Marine Holdings Inc. (SMHI): debt financing — Seacor Marine secures $28M term loan at 10.25% to refinance vessel construction debt

SEACOR Marine Holdings Inc.

$28M senior secured term loan from Mountain Supply LLC (Hudson Structured); proceeds to repay COSCO shipyard financing for three PSVs.
Loan bears fixed interest of 10.25% per annum and matures five years after drawdown; monthly installments.
Borrowers are three Marshall Islands subsidiaries (SEACOR Alps, Andes, Atlas); parent SEACOR Marine Holdings guarantor.
Facility includes financial covenants: minimum liquidity, debt-to-capitalization, and interest coverage ratio.
Prepayment allowed with penalties: 1.5% if within 1st year, 1.0% from 1st to 3rd year, none after.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SEACOR Marine Holdings Inc. incurred guarantee with Mountain Supply LLC.

Instrument: guarantee
Counterparty: Mountain Supply LLC
Event: incurrence

Exact text from the filing

In connection with the Credit Facility, the Company issued a guaranty with respect to the obligations of the Borrowers under the Credit Agreement and related documents (the “SMHI Guaranty”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SEACOR Marine Holdings Inc. incurred credit facility of $28.0 million with Mountain Supply LLC at 10.25% per annum maturing fifth anniversary of the date on which funds are drawn thereunder.

Instrument: credit facility
Principal: $28.0 million
Counterparty: Mountain Supply LLC
Rate: 10.25% per annum
Maturity: fifth anniversary of the date on which funds are drawn thereunder
Event: incurrence

Exact text from the filing

entered into a $28.0 million senior secured term loan facility with Mountain Supply LLC, an affiliate of Hudson Structured Capital Management, as lender, facility agent and security trustee (the “Credit Facility” and such agreement being the “Credit Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SEACOR Marine Holdings Inc. entered into Credit Agreement with Mountain Supply LLC valued at $28.0 million (effective 2023-06-16).

Action: entry
Agreement: credit facility
Counterparty: Mountain Supply LLC
Value: $28.0 million
Effective: 2023-06-16

Exact text from the filing

On June 16, 2023, SEACOR Marine Holdings Inc. (the “Company), as a guarantor, and SEACOR Alps LLC (“SEACOR Alps”), SEACOR Andes LLC (“SEACOR Andes”), SEACOR Atlas LLC (“SEACOR Atlas” and, together with SEACOR Alps and SEACOR Atlas, the “Borrowers”) and SEACOR Marine Alpine LLC (“SM Alpine”), as a guarantor, each a wholly-owned subsidiary of the Company, entered into a $28.0 million senior secured term loan facility with Mountain Supply LLC, an affiliate of Hudson Structured Capital Management, as lender, facility agent and security trustee (the “Credit Facility” and such agreement being the “Credit Agreement”).

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SEACOR Marine Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-169488

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