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    Troubled Trico Marine seeks US$50 million refinancing deal

    News // January 23, 2004
    Trico Marine Services in the US says it is trying to arrange a new US$50 million senior secured credit facility, the proceeds of which would be used to refinance its existing revolving credit facility.

    The company previously indicated that it does not expect to be able to comply with the debt covenants under its US Dollar Facility.

    Trico Marine said it anticipates that the new senior secured credit facility will have a five year maturity, while the US dollar facility is scheduled to mature December 2005. In addition to extending the maturity for the company's credit facility, the refinancing would also provide incremental available liquidity.

    The completion of the new credit facility is subject to a number of conditions, including the completion of definitive documentation. While Trico is confident about the prospect for the new credit facility, no assurance can be given that the facility canbe arranged on terms and conditions acceptable to Trico, said the company in a statement issues this week.

    In the event that Trico is unable to obtain this new facility on acceptable terms, the company would be required to negotiate an amendment or obtain a waiver from the lenders under its existing facility.

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