Long-Term Debt and Capital Lease Obligations

6 Months Ended

Jun. 30, 2012

Long-term Debt and Capital Lease Obligations [Abstract]

Long-Term Debt and Capital Lease Obligations

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

As of June 30, 2012, the Company had $125.0 million of outstanding borrowings under the SEACOR revolving credit facility. The remaining availability under this facility was $279.0 million, net of issued letters of credit of $1.0 million. As of June 30, 2012, Era Group Inc. ("Era") had $260.0 million of outstanding borrowings under its senior secured revolving credit facilities. The remaining availability under this facility was $89.7 million, net of issued letters of credit of $0.3 million. In addition, as of June 30, 2012, the Company had other outstanding letters of credit totaling $47.6 million with various expiration dates through 2016.

During the six months ended June 30, 2012, the Company made scheduled payments on long-term debt and capital lease obligations of $7.2 million, repaid $3.2 million of acquired debt, received proceeds of $0.1 million from other debt, made repayments of $50.0 million of borrowings under the SEACOR revolving credit facility, made net repayments on inventory financing arrangements of $14.8 million and had net borrowings of $8.0 million under the Era senior secured revolving credit facility.

SEACOR’s Board of Directors has previously authorized the Company to purchase any or all of its 5.875% Senior Notes due 2012 and its 7.375% Senior Notes due 2019, which may be acquired through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. During the six months ended June 30, 2012, the Company purchased $5.5 million, in principal amount, of its 5.875% Senior Notes for $5.7 million, resulting in a loss on debt extinguishment of $0.2 million.