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SEACOR HOLDINGS, INC. COMPLETES SALE OF SUBORDINATED CONVERTIBLE NOTES

 NEW YORK, July 1 /PRNewswire/ -- SEACOR Holdings, Inc. (NASDAQ: CKOR) announced today that it has completed the sale of $57.5 million principal amount of its 6 percent convertible subordinated notes due July 1, 2003. The agreements under which the notes were issued provide for resales to qualified institutional buyers and to non-U.S. purchasers in transactions exempt from registration under applicable securities laws.
 Of the approximately $55.0 million of net proceeds from the sale, up to $26.0 million will be used to retire outstanding indebtedness, and the balance will be used to fund working capital requirements and for general corporate purposes, including future acquisitions.
 As previously announced, the notes are convertible into shares of the company's common stock at any time prior to July 1, 2003 at a conversion price of $25.625 per share which, giving effect to the full conversion of the notes and the issuance of up to 2,243,902 shares, would represent approximately 27.8 percent of the company's outstanding common stock. Such conversion is subject to adjustment in certain circumstances.
 SEACOR Holdings, Inc. and its subsidiaries operate a diversified fleet of 62 marine vessels primarily dedicated to supporting offshore oil and gas exploration and development in the U.S. Gulf of Mexico, the North Sea, and offshore West Africa. Services provided by the company's vessels include towing and anchor handling of mobile rigs, delivery of cargo and supplies to offshore rigs and platforms, transportation for offshore construction and maintenance, and standby safety support.
 -0- 7/1/93
 /CONTACT: Randall Blank, executive vice president and chief financial officer of SEACOR Holdings, Inc., 504-385-3475, or 212-307-6633/
 (CKOR)


CO: SEACOR Holdings, Inc. ST: New York IN: MAR SU: OFR

MP-OS -- NY061 -- 7748 07/01/93 12:43 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:294
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