Trico Marine Services gets interim approval for $75 million DIP

By Jeff Pines

Washington, Dec. 22 - Trico Marine Services Inc. obtained interim approval for its $75 million debtor-in-possession financing facility through Bear Stearns Corporate Lending Inc.

The order was filed with the U.S. Bankruptcy Court for the Southern District of New York Wednesday.

The DIP includes a $55 million term loan and a $20 million revolver. It will have access to $10 million on an interim basis.

The interest rate is Libor plus 500 basis points.

The facility comes with a 150 basis point upfront fee and a commitment fee of 100 basis points on the unused portion of the revolver after the effective date of the DIP.

The Bank of New York is the collateral agent for the term loan and the revolver.

The final hearing on the DIP is scheduled for Jan. 19.

Trico Marine, a Houma, La.-based marine transportation company for offshore oil rigs, filed for bankruptcy on Dec. 21. Its Chapter 11 case number is 04-17985.

© 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.