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SEACOR HOLDINGS ENTERS INTO AGREEMENT FOR SALE OF SUBORDINATED CONVERTIBLE NOTES

 NEW YORK, June 25 /PRNewswire/ -- SEACOR Holdings, Inc. (NASDAQ: CKOR) announced today that it has entered into an agreement for the sale of up to $57.5 million aggregate principal amount of its 6 percent convertible subordinated notes due July 1, 2003. The agreement provides for the sale of the notes to qualified institutional buyers and to non-U.S purchasers in transactions exempt from registration under U.S. federal securities laws.
 The sale is subject to certain conditions, is scheduled to close on or about July 1, 1993 and is expected to result in net proceeds to the company of up to approximately $55.0 million, of which up to $26.0 million will be used to retire outstanding indebtedness of the company. The balance of such net proceeds will be used to fund working capital requirements and for general corporate purposes.
 The notes are convertible into shares of the company's common stock at any time prior to final maturity 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 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- 6/25/93
 /CONTACT: Randall Blank, executive vice president and chief financial officer of SEACOR, 504-385-3475 or 212-307-6633/
 (CKOR)


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

LR-MP -- NY038 -- 5815 06/25/93 14:48 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
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