July 18, 2003

Seabulk announces $150 milliom senior note offering
Seabulk International, Inc. says it intends to offer, subject to market and other customary conditions, $150 million of new Senior Notes Due 2013 through a private placement eligible for resale under Rule 144A. Net proceeds will be used to repay a portion of the company's indebtedness under its existing $180 million credit facility.

If the offering is completed and net proceeds applied as expected, the Seabulk's Senior Secured Credit Facility will be amended to provide for a five-year revolving credit facility in the amount of $80,000,000, a portion of which would be available for general corporate purposes, including vessel acquisitions and other asset purchases.

The Notes will be senior unsecured obligations of the Company. The offer of the Notes will be made to qualified institutional buyers within the United States pursuant to Rule 144A of the Securities Act of 1933, as amended, and, outside the United States, to non-U.S. investors pursuant to Regulation S of the Securities Act. The Notes have not been registered under the Securities Act or applicable state securities laws and therefore may not be offered or sold in the United States absent such registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

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