Trico Shipping talks $400 million five-year secured notes at 13%-13¼% with 4-5 points OID

By Paul A. Harris

St. Louis, Oct. 15 - Trico Shipping AS set price talk for its $400 million offering of five-year senior secured first-lien notes (B1) on Thursday, according to an informed source.

The notes are talked to yield 13% to 13¼%, including about 4 points to 5 points of original issue discount.

The books close at 9 a.m. ET on Friday, and the notes are expected to price thereafter.

Barclays Capital Inc. has the books.

The notes come with three years of call protection. Up to 10% of the original principal amount may be redeemed each year at 103.

The notes are secured with a first lien on the vessel fleet and equipment.

Proceeds will be used to repay bank debt.

The prospective issuer is a marine services company based in the Woodlands, Texas.

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