Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v3.20.2
Long-Term Debt
6 Months Ended
Jun. 30, 2020
Long-term Debt and Lease Obligation [Abstract]  
Long-Term Debt
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 June 30, 2020, the Company’s remaining repurchase authority for the Securities was $102.2 million.
3.0% Convertible Senior Notes. During the six months ended June 30, 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 June 30, 2020.
2.5% Convertible Senior Notes. During the six months ended June 30, 2020, the Company purchased $12.9 million in principal amount of its 2.5% Convertible Senior Notes for total consideration of $10.9 million resulting in debt extinguishment gains of $1.9 million included in the accompanying condensed consolidated statements of income. The outstanding principal amount of these notes was $51.6 million as of June 30, 2020.
SEACOR Revolving Credit Facility. As of June 30, 2020, the Company had $125.0 million of remaining borrowing capacity under this facility.
SEA-Vista 2019 Credit Facility. During the six months ended June 30, 2020, SEA-Vista made scheduled repayments of $5.0 million on its Term Loan. As of June 30, 2020, SEA-Vista had $100.0 million of remaining borrowing capacity under this facility.
Other. During the six months ended June 30, 2020, the Company made scheduled repayments on other long-term debt of $0.5 million.
Letters of Credit. As of June 30, 2020, the Company had outstanding letters of credit totaling $1.1 million with various expiration dates through 2027.
Guarantees. The Company has guaranteed the payments of amounts owed under certain sale-leaseback transactions and multi-employer pension obligations on behalf of SEACOR Marine. As of June 30, 2020, these guarantees on behalf of SEACOR Marine totaled $14.6 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 six months ended June 30, 2020, the fees earned by the Company for these guarantees were not material.