Trico Marine to draw on existing facility for Active Subsea purchase

By Sara Rosenberg

New York, Nov. 6 - Trico Marine Services Inc. plans to use borrowings under its credit facility, along with cash on hand, to fund the acquisition of Active Subsea ASA, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Trico is tendering for all outstanding shares of common stock in Active Subsea and all unexercised warrants to purchase shares of common stock in exchange for cash consideration of NOK 22.50 per share.

Closing is expected to take place in the fourth quarter.

Trico is a Houston-based provider of marine support services to the oil and gas industry.

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