Long Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long Term Debt

4. LONG-TERM DEBT

The Company’s long-term debt obligations as of March 31, 2021 and December 31, 2020 were as follows (in thousands):

	March 31, 2021			December 31, 2020
Recourse Long-term debt(1):
Convertible Senior Notes	$	125,000		$	125,000
SEACOR Marine Foreign Holdings Credit Facility		96,220			100,750
Sea-Cat Crewzer III Term Loan Facility		20,415			21,653
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt		19,705			19,705
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing		93,094			95,317
SEACOR Alpine Shipyard Financing		30,792			31,103
SEACOR 88/888 Term Loan		5,500			5,500
Total recourse Long-term debt		390,726			399,028
Non-recourse Long-term debt(2):
Falcon Global USA Term Loan Facility		102,349			102,349
Falcon Global USA Revolver		15,000			15,000
SEACOR 88/888 Term Loan		5,500			5,500
Total non-recourse Long-term debt		122,849			122,849
Total principal due for long-term debt		513,575			521,877
Current portion due within one year		(34,888	)		(32,377	)
Unamortized debt discount		(42,972	)		(44,864	)
Deferred financing costs		(3,866	)		(4,126	)
Long-term debt, less current portion	$	431,849		$	440,510

(1) Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine as defined in the relevant debt agreements.

(2) Non-recourse debt represents debt issued by the Company’s Consolidated Subsidiaries with no recourse to SEACOR Marine or its other non-debtor subsidiaries, other than certain limited support obligations as defined in the respective debt agreements, which in aggregate are not considered to be material to the Company’s business and financial condition.

As of March 31, 2021, the Company was in compliance with all debt covenants and lender requirements.

Falcon Global. On February 24, 2021, SEACOR Marine, Falcon Global USA LLC, an indirect wholly owned subsidiary of SEACOR Marine (“FGUSA”), and certain subsidiaries of FGUSA, entered into a Seventh Consent, Agreement and Omnibus Amendments (the “Seventh FGUSA Credit Facility Amendment”) to that certain (i) $131.1 million term and revolving loan facility, dated as of February 8, 2018, with a syndicate of lenders administered by JP Morgan Chase Bank, N.A. (as amended, the “FGUSA Credit Facility”) and (ii) obligation guaranty issued by SEACOR Marine, dated February 8, 2018, pursuant to which SEACOR Marine provides a guarantee of certain limited obligations of FGUSA under the Credit Facility (as amended, the “FGUSA Guaranty”).

The Seventh FGUSA Credit Facility Amendment provides for, among other things, (i) the extension from March 2021 to June 2021 of the commencement of monthly repayment of the term loan, with payments being the lesser of (a) $0.8 million and (b) the amount outstanding under the term loan, (ii) the extension of the FGUSA Guaranty for an additional three months from February 8, 2021 to May 8, 2021, (iii) that the audited financial statements of FGUSA and its consolidated subsidiaries for the fiscal year ended December 31, 2020 are not required to be without a “going concern” or like qualification, commentary or exception, and (iv) the extension of the deadline for delivery of certain physical vessel appraisals from April 30, 2021 to December 31, 2021. Except as provided in the FGUSA Guaranty, the FGUSA Credit Facility is non-recourse to SEACOR Marine and its subsidiaries other than FGUSA and its subsidiaries.

Letters of Credit. As of March 31, 2021, the Company had outstanding letters of credit of $0.5 million securing lease obligations, labor and performance guaranties.