|3 Months Ended|
Mar. 31, 2018
|Long-term Debt and Capital Lease Obligations [Abstract]|
5. LONG-TERM DEBT
SEACOR’s Board of Directors previously approved a securities repurchase plan that authorizes the Company to acquire SEACOR 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 March 31, 2018, the Company’s remaining repurchase authority for the Securities was $77.4 million.
As of March 31, 2018, the remaining principal amount outstanding of the Company’s 2.5% Convertible Senior Notes of $64.5 million is included in current liabilities as the holders may require the Company to repurchase these notes on May 31, 2018. In addition, the Company has the right to redeem the Notes at any time after May 31, 2018.
SEA-Vista Credit Facility. During the three months ended March 31, 2018, SEA-Vista made scheduled repayments of $0.8 million on the Term A-1 Loan and $1.4 million on the Term A-2 Loan. As of March 31, 2018, SEA-Vista had $55.0 million of remaining borrowing capacity under the Revolving Loan.
ISH Credit Facility. During the three months ended March 31, 2018, ISH repaid $5.7 million on the ISH Term Loan including $0.7 million of scheduled repayments. As of March 31, 2018, the ISH Credit Facility had $5.0 million of remaining borrowing capacity under the ISH Revolving Loan.
Other. During the three months ended March 31, 2018 the Company made scheduled payments on other long-term debt of $0.2 million.
Letters of Credit. As of March 31, 2018, the Company had outstanding letters of credit totaling $11.1 million with various expiration dates through 2019, including $0.7 million that have been issued on behalf of SEACOR Marine.
Guarantees. The Company has guaranteed the payments of amounts owed under certain sale-leaseback transactions, equipment financing and multi-employer pension obligations on behalf of SEACOR Marine. As of March 31, 2018, these guarantees on behalf of SEACOR Marine totaled $58.2 million and decline as payments are made on the outstanding obligations.
The Company earns a fee of 50 basis points per annum on these guarantees and outstanding letters of credit. For the three months ended March 31, 2018 and 2017, the Company earned fees of $0.1 million and $0.2 million, respectively.
The entire disclosure for long-term debt.
Reference 1: http://www.xbrl.org/2003/role/presentationRef