SEACOR SMIT Announces Notes Offering.Business Editors HOUSTON--(BUSINESS WIRE)--Sept. 20, 2002 SEACOR SMIT imp. & p. 1. imp. & p. p. os> of Smite. Smit with the beauty of so fair a scene. - Cowper. 3d. pers. 1. 3d. pers. sing. pres. os> of Smite. Inc. (NYSE NYSE See: New York Stock Exchange :CKH CKH Cheung Kong Holdings Limited (Hong Kong) )("SEACOR") announced today that it has entered into a firm commitment underwriting Firm commitment underwriting An underwriting in which an investment banking firm commits to buy and sell an entire issue of stock and assumes all financial responsibility for any unsold shares. agreement with Morgan Stanley & Co. Incorporated to sell $200 million of 5-7/8% senior notes due October 1, 2012 at a price to par of 98.839% of principal amount. Subject to market and other conditions, SEACOR intends to redeem all of its $36.3 million aggregate principal amount outstanding of its 5-3/8% Convertible Subordinated Notes due 2006 and, to the extent this indebtedness is not converted into common stock, SEACOR will use up to approximately $37.2 million of the senior notes proceeds to pay the redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. . SEACOR will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). not so applied for working capital and general corporate purposes, which may include repaying certain of its other indebtedness. When available, a prospectus relating to these securities may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, NY 10036, telephone (212) 761-4000, Attention: Prospectus Department. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. SEACOR and its subsidiaries are primarily engaged in the operation of a diversified fleet of marine vessels primarily dedicated to supporting offshore oil and gas exploration and development in the U.S. Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , offshore West Africa, the North Sea, Asia, Latin America and other foreign regions. Other business activities include environmental services and inland river operations. This release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Statements herein that describe the company's business strategy, industry outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. The forward-looking statements included in this release are made only as of the date of this release and the company undertakes no obligation to publicly update the forward-looking statements to reflect subsequent events or circumstances. |
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