Trico Marine attempts to arrange new $50 million facility

By Jeff Pines

Washington, Jan. 21 - Trico Marine Services, Inc. said it is negotiating a new $50 million senior secured credit facility. It plans to use the proceeds to refinance its existing facility.

The Houston-based company says it is confident about getting the new facility.

In its most recent 10-Q filed in November, the company said it did not expect to be able to comply with the debt covenants in its U.S. dollar facility. The marine services company said it would be required to amend the covenants to levels it could support or retire the facility.

The existing facility is scheduled to mature in December 2005.

Trico Marine is now looking to replace it with a five-year facility.

At that time of the 10-Q filing, the company said it had enough money on hand to retire the facility if it needed to.

Trico Marine also has $250 million outstanding of 8.875% senior notes due May 2012.

Refinancing the existing facility is phase two of the company's liquidity enhancement plan. The plan also calls for it to evaluate other ways of reducing debt, such as selling more North Sea class vessels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.