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Expanding Relationship with Stealth Owner

Seacor Holdings Inc. expanded their relationship with Banc of America Leasing (“BofA Leasing”) during the fourth quarter of last year having entered into the sale-leaseback of two 1999 built Double Eagle Tankers, the M/T Oregon Voyager and the M/T California Voyager. The vessels were sold for $181 million en bloc, exceeding the combined book value of $69.3 million. As dictated by accounting standards, the gain of $111.7 million will be deferred and amortized over the remaining minimum fixed charter periods of 158 months in the case of one vessel and 143 months in the case of the other. These periods take you close to the financeable life of 25 years and probably the end of the fixed charter period with Chevron Shipping. Clearly monetizing this assets was an excellent deal for Seacor and for the Bank, as well, which has a 12 year stream of payments backed by a major oil company.

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Written by: | Categories: Freshly Minted, The Week in Review | February 24th, 2011 |

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