Long-Term Debt And Capital Lease Obligations

9 Months Ended

Sep. 30, 2011

Long-Term Debt And Capital Lease Obligations [Abstract]

Long-Term Debt And Capital Lease Obligations

9. Long-Term Debt and Capital Lease Obligations

As of September 30, 2011, the Company had $125.0 million of outstanding borrowings under its revolving credit facility. The remaining availability under this facility was $323.5 million, net of issued letters of credit of $1.5 million. In addition, the Company had other outstanding letters of credit totaling $52.8 million with various expiration dates through 2014.

On July 15, 2011, one of the Company's Marine Transportation subsidiaries obtained a $1.0 million revolving credit facility. The facility bears interest at prime plus 50 basis points with a floor of 4.5% and is secured by all of the assets of the subsidiary. During the nine months ended September 30, 2011, the Company drew $0.4 million on the revolving credit facility and, as of September 30, 2011, had outstanding borrowings of $0.4 million and remaining availability of $0.6 million.

During the nine months ended September 30, 2011, the Company made scheduled payments on long-term debt and capital lease obligations of $8.6 million, repaid $22.8 million for the redemption of a facility financing, and made net borrowings on inventory financing arrangements of $10.2 million.

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 nine months ended September 30, 2011, the Company purchased $2.2 million, in principal amount, of its 5.875% Senior Notes due 2012, for an aggregate purchase price of $2.3 million.