Trico Marine subsidiary Trico Shipping secures access to financingCompany News // September 22, 2010
Trico Marine Services has announced that Trico Shipping AS, an indirect, wholly-owned subsidiary of the company, has reached a definitive agreement for US$22 million in senior secured multi-draw term loan financing from certain of the holders of its 11 7/8% Senior Secured Notes and certain funds managed by Tennenbaum Capital Partners.
The financing will be used to fund operating expenses and other working capital needs for Trico Shipping.
The financing was completed subsequent to Trico Shipping receiving consent from 100 per cent of the holders of the notes to amend certain terms of the indenture governing the notes.
An initial draw of US$15 million, before required fees and expenses, was made on September 21, 2010.
The remaining US$7 million will be available upon meeting certain terms and conditions contained in the financing.
Chairman of the Board of Directors, President and Chief Executive Officer, Richard A Bachmann, said: "We are pleased to reach an agreement that provides Trico Shipping with additional funding to continue our operations in the ordinary course of business. We appreciate the support of all of our constituents and we are continuing to work with them to develop a comprehensive global reorganization plan to improve Trico's capital structure and liquidity position."
On September 17th the NASDAQ Stock Market announced that it will delist the common stock of Trico Marine Services. Trico Marine Services' stock was suspended on September 8th 2010 and has not traded on NASDAQ since then.
On September 20th NASDAQ filed a Form 25 with the Securities and Exchange Commission to complete the delisting. The delisting becomes effective 10 days after the Form 25 is filed.
Additional information regarding the terms of the financing agreement, including the basis for the delisting and other related information, will be included in one or more current reports on Form 8-K that the company will file with the Securities and Exchange Commission.