SEACOR Adds Additional Put Right and Waives Redemption Right to Its 2.50% Convertible Senior Notes Due 2027
December 13 2017 - 2:25PM
On December 12, 2017, SEACOR Holdings Inc. (“SEACOR”) entered into
a Supplemental Indenture (the “Supplemental Indenture”) to the
Indenture, dated as of December 11, 2012 (the “Indenture”),
governing SEACOR’s 2.50% Convertible Senior Notes due 2027 (the
“Notes”).
Under the terms of the Indenture, holders of the
Notes currently have the right to require the Company to purchase
their Notes on December 19, 2017 pursuant to the terms of the
Issuer Repurchase Notice, dated November 13, 2017, and related
materials (the “December 2017 Put Option”).
The Supplemental Indenture amends the Indenture
to provide holders with an additional put right for their Notes on
May 31, 2018. In addition, under the Supplemental Indenture SEACOR
surrendered and waived its right to redeem the Notes until May 31,
2018.
Nothing in the Supplemental Indenture affects
holders of the Notes’ rights and SEACOR’s obligations with respect
to the December 2017 Put Option.
About SEACOR
SEACOR is a diversified holding company with
interests in domestic and international transportation and
logistics and risk management consultancy. SEACOR is publicly
traded on the New York Stock Exchange (NYSE) under the symbol
CKH.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements discussed in this release as
well as in other reports, materials and oral statements that the
Company releases from time to time to the public constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Generally, words such as
“anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,”
“plan,” “target,” “forecast” and similar expressions are intended
to identify forward-looking statements. Such forward-looking
statements concern management’s expectations, strategic objectives,
business prospects, anticipated economic performance and financial
condition and other similar matters. Forward-looking statements are
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties that could cause actual results to differ
materially from those anticipated or expected by management of the
Company. These statements are not guarantees of future performance
and actual events or results may differ significantly from these
statements. Actual events or results are subject to significant
known and unknown risks, uncertainties and other important factors,
including risks relating to weakening demand for the Company’s
services as a result of unplanned customer suspensions,
cancellations, rate reductions or non-renewals of vessel charters
or failures to finalize commitments to charter vessels, increased
government legislation and regulation of the Company’s businesses
that could increase the cost of operations, increased competition
if the Jones Act is repealed, liability, legal fees and costs in
connection with the provision of emergency response services,
decreased demand for the Company’s services as a result of declines
in the global economy, declines in valuations in the global
financial markets and a lack of liquidity in the credit sectors,
including, interest rate fluctuations, availability of credit,
inflation rates, change in laws, trade barriers, commodity prices
and currency exchange fluctuations, activity in foreign countries
and changes in foreign political, military and economic conditions,
changes in foreign and domestic oil and gas exploration and
production activity, safety record requirements related to Shipping
Services, decreased demand for Shipping Services due to
construction of additional refined petroleum product, natural gas
or crude oil pipelines or due to decreased demand for refined
petroleum products, crude oil or chemical products or a change in
existing methods of delivery, compliance with U.S. and foreign
government laws and regulations, including environmental laws and
regulations and economic sanctions, the dependence of Inland River
Services and Shipping Services on several key customers,
consolidation of the Company’s customer base, the ongoing need to
replace aging vessels, industry fleet capacity, restrictions
imposed by the Shipping Acts on the amount of foreign ownership of
the Company’s Common Stock, operational risks of Inland River
Services and Shipping Services, effects of adverse weather
conditions and seasonality, the level of grain export volume, the
effect of fuel prices on barge towing costs, variability in freight
rates for inland river barges, the effect of international economic
and political factors on Inland River Services’ operations, the
ability to realize anticipated benefits from acquisitions and other
strategic transactions, adequacy of insurance coverage, the ability
to recognize the anticipated benefits of the Spin-off, the ability
to remediate the material weaknesses the Company has identified in
its internal controls over financial reporting, the attraction and
retention of qualified personnel by the Company, and various other
matters and factors, many of which are beyond the Company’s control
as well as those discussed in Item 1A (Risk Factors) of the
Company’s Annual report on Form 10-K and other reports filed by the
Company with the Securities and Exchange Commission (“SEC”). It
should be understood that it is not possible to predict or identify
all such factors. Consequently, the preceding should not be
considered to be a complete discussion of all potential risks or
uncertainties. Given these risk factors, investors and analysts
should not place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date of the
document in which they are made. The Company disclaims any
obligation or undertaking to provide any updates or revisions to
any forward-looking statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which the forward-looking statement is based,
except as required by law. It is advisable, however, to consult any
further disclosures the Company makes on related subjects in its
filings with the SEC, including Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if
any). These statements constitute the Company’s cautionary
statements under the Private Securities Litigation Reform Act of
1995.
For additional information concerning SEACOR,
contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website
at www.seacorholdings.com.
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