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Long-Term Debt
3 Months Ended
Mar. 31, 2016
Long-term Debt and Capital Lease Obligations [Abstract]  
Long-Term Debt
LONG-TERM DEBT
SEACOR’s Board of Directors previously approved a securities repurchase plan that authorizes the Company to acquire its 7.375% Senior Notes, 3.0% Convertible Senior Notes, 2.5% Convertible Senior Notes and SEACOR common stock, par value $0.01 per share (“Common Stock”), (collectively the "Securities"), which may be acquired through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. As of March 31, 2016, the Company's repurchase authority for the Securities was $165.9 million.
2.5% Convertible Senior Notes. During the three months ended March 31, 2016, the Company repurchased $20.2 million in principal amount of its 2.5% Convertible Senior Notes for total consideration of $18.9 million. Consideration of $17.5 million was allocated to the settlement of the long-term debt resulting in gains on debt extinguishment of $1.4 million included in the accompanying consolidated statements of loss. Consideration of $1.4 million was allocated to the purchase of the conversion option embedded in the 2.5% Convertible Senior Notes as included in the accompanying consolidated statements of changes in equity.
7.375% Senior Notes. During the three months ended March 31, 2016, the Company purchased $13.9 million in principal amount of its 7.375% Senior Notes for $11.9 million resulting in gains on debt extinguishment of $1.8 million included in the accompanying consolidated statements of loss.
SEA-Vista Credit Facility. During the three months ended March 31, 2016, SEA-Vista borrowed $5.0 million on the Revolving Loan and made scheduled repayments of $1.0 million on the Term A-1 Loan. As of March 31, 2016, SEA-Vista had $82.0 million of borrowing capacity under the SEA-Vista Credit Facility. Subsequent to March 31, 2016, SEA-Vista borrowed $32.0 million on the Revolving Loan.
ICP Revolving Credit Facility. As of March 31, 2016, ICP had no borrowings on the ICP Revolving Credit Facility and had $15.5 million of borrowing capacity.
Other. During the three months ended March 31, 2016, the Company made scheduled payments on other long-term debt of $2.2 million and received proceeds from the issuance of other long-term debt of $7.4 million, net of issuance costs of $0.1 million.
As of March 31, 2016, the Company had outstanding letters of credit totaling $25.0 million with various expiration dates through 2019 and had other labor and performance guarantees of $2.7 million.