Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v3.5.0.2
Long-Term Debt
9 Months Ended
Sep. 30, 2016
Long-term Debt and Capital Lease Obligations [Abstract]  
Long-Term Debt
LONG-TERM DEBT
SEACOR’s Board of Directors previously approved a securities repurchase plan that authorizes the Company to acquire SEACOR’s common stock, par value $0.01 per share (“Common Stock”), 7.375% Senior Notes, 3.0% Convertible Senior Notes, and 2.5% Convertible Senior Notes (collectively the “Securities”) through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. As of September 30, 2016, the Company’s repurchase authority for the Securities was $64.8 million.
2.5% Convertible Senior Notes. During the nine months ended September 30, 2016, the Company repurchased $117.4 million in principal amount of its 2.5% Convertible Senior Notes for total consideration of $114.9 million. Consideration of $107.8 million was allocated to the settlement of the long-term debt resulting in gains on debt extinguishment of $3.3 million included in the accompanying condensed consolidated statements of income (loss). Consideration of $7.1 million was allocated to the purchase of the conversion option embedded in the 2.5% Convertible Senior Notes as included in the accompanying condensed consolidated statements of changes in equity. The outstanding principal amount of these notes was $167.1 million as of September 30, 2016.
7.375% Senior Notes. During the nine months ended September 30, 2016, the Company purchased $22.6 million in principal amount of its 7.375% Senior Notes for $20.3 million resulting in gains on debt extinguishment of $2.1 million included in the accompanying condensed consolidated statements of income (loss). The outstanding principal amount of these notes was $173.4 million as of September 30, 2016.
Windcat Workboats Credit Facility. On May 24, 2016, Windcat Workboats entered into a €25.0 million revolving credit facility secured by the Company’s wind farm utility vessel fleet. Borrowings under the facility bear interest at variable rates based on EURIBOR plus a margin ranging from 3.00% to 3.30% per annum plus mandatory lender costs. A quarterly commitment fee is payable based on the unfunded portion of the commitment amount at rates ranging from 1.20% to 1.32% per annum. During the nine months ended September 30, 2016, Windcat Workboats drew $23.5 million (€21.0 million) under the facility to repay all of its then outstanding debt totaling $22.9 million and incurred issuance costs of $0.6 million related to this facility.
Sea-Cat Crewzer III Term Loan Facility. On April 21, 2016, Sea-Cat Crewzer III LLC (“Sea-Cat Crewzer III”) entered into a €27.6 million term loan facility (payable in U.S. dollars) secured by the Company’s vessels currently under construction. Borrowings under the facility bear interest at a Commercial Interest Reference Rate, currently 2.76%. A quarterly commitment fee is payable based on the unfunded portion of the commitment amount at a rate of 0.45%. During the nine months ended September 30, 2016, Sea-Cat Crewzer III drew $16.1 million under the facility and incurred issuance costs of $2.6 million.
SEA-Vista Credit Facility. During the nine months ended September 30, 2016, SEA-Vista borrowed $71.0 million on the Revolving Loan and made scheduled repayments of $2.9 million on the Term A-1 Loan. As of September 30, 2016, SEA-Vista had $16.0 million of borrowing capacity under the SEA-Vista Credit Facility. Subsequent to September 30, 2016, SEA-Vista borrowed $5.0 million on the Revolving Loan.
ICP Revolving Credit Facility. As of September 30, 2016, ICP had $15.9 million of borrowing capacity under this facility.
Other. During the nine months ended September 30, 2016, the Company made scheduled payments on other long-term debt of $2.5 million and received proceeds from the issuance of other long-term debt of $7.5 million, net of issuance costs of $0.1 million. As of September 30, 2016, the Company had outstanding letters of credit totaling $26.2 million with various expiration dates through 2019 and other labor and performance guarantees of $1.6 million.