December 07, 2012 at 17:48 PM EST
TEXT-S&P rates SEACOR Holdings' convertible notes 'BB'
Dec 7 - Standard & Poor's Ratings Services today assigned its 'BB' issue rating to SEACOR Holdings Inc.'s $350 million convertible notes due 2027. We have assigned a '3' recovery rating to this debt, indicating our expectation of meaningful (50% to 70%) recovery, in the event of a payment default. Our 'BB' corporate credit rating and negative outlook on the company remains unchanged. SEACOR plans to use $125 million of the proceeds to repay borrowings on its $360 million credit facility, resul
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