|3 Months Ended|
Mar. 31, 2020
|Long-term Debt and Lease Obligation [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”), 3.0% Convertible Senior Notes, 2.5% Convertible Senior Notes and 3.25% Convertible Senior Notes (collectively the “Securities”) through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. As of March 31, 2020, the Company’s remaining repurchase authority for the Securities was $113.1 million.
3.0% Convertible Senior Notes. During the three months ended March 31, 2020, the Company purchased $15.6 million in principal amount of its 3.0% Convertible Senior Notes for total consideration of $15.4 million resulting in debt extinguishment losses of $0.3 million included in the accompanying condensed consolidated statements of income. The outstanding principal amount of these notes was $34.5 million as of March 31, 2020.
SEACOR Revolving Credit Facility. On March 19, 2019, the Company entered into a $125.0 million credit agreement with a syndicate of lenders (the “SEACOR Revolving Credit Facility”) that matures March 19, 2024 and is secured by a pledge over all of SEACOR’s assets and certain of its subsidiaries’ assets, subject to certain exceptions. As of March 31, 2020, the Company had $125.0 million of remaining borrowing capacity under this facility.
SEA-Vista 2019 Credit Facility. During the three months ended March 31, 2020, SEA-Vista made scheduled repayments of $2.5 million on its Term Loan. As of March 31, 2020, SEA-Vista had $100.0 million of remaining borrowing capacity under this facility.
Other. During the three months ended March 31, 2020, the Company made scheduled payments on other long-term debt of $0.2 million.
Letters of Credit. As of March 31, 2020, the Company had outstanding letters of credit totaling $1.2 million with various expiration dates through 2027.
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, 2020, these guarantees on behalf of SEACOR Marine totaled $18.5 million and decline as payments are made on the outstanding obligations. The Company earns a fee of 0.5% per annum on these guarantees. During the three months ended March 31, 2020, the fees earned by the Company for these guarantees were not material.
The entire disclosure for long-term debt.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef