Trico greenshoe fully exercised, lifting 3% convertibles to $150 million

By Jennifer Chiou

New York, Feb. 15 - Trico Marine Services Inc. said its $25 million greenshoe was exercised in full, raising its issue of 20-year convertible senior debentures to $150 million.

After the close on Feb. 1, the company priced $125 million of the Rule 144A convertibles at par with a coupon of 3% and initial conversion premium of 39%.

As previously reported, the deal came at the middle of yield talk that put the coupon at 2.75% to 3.25% and at the wide end of the indicated premium of 35% to 40%.

Lehman Brothers Inc. was the bookrunner.

The notes are non-callable for five years with puts in years seven, 10 and 15. There is a contingent conversion threshold at 125%.

Houston-based Trico, an oilfield marine concern, intends to use proceeds for general corporate purposes, which may include pursuing opportunities in emerging markets, further augmenting its fleet renewal program and pursuing strategic acquisitions.

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