Trico Marine gets $200 million revolver

By Sara Rosenberg

New York, May 16 - Trico Marine Services Inc. closed on a new $200 million revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Friday.

Nordea Bank Finland acted as the administrative agent, bookrunner and joint lead arranger on the deal that was completed on May 14, with Bayerische Hypo-Und Vereinsbank acting as the other joint lead arranger.

Initial pricing on the revolver is Libor plus 225 basis points. Pricing can range from Libor plus 175 bps to 225 bps based on the company's consolidated leverage ratio.

Proceeds will be used to help fund the acquisition of 55.7 million shares in DeepOcean ASA for NOK 32 per share and the mandatory offer to acquire the remaining shares in DeepOcean for the same consideration.

Other financing for the deal will come from cash and the issuance of $300 million of 6½% senior convertible debentures due 2028.

Trico is a Houston-based provider of marine support vessels to the offshore oil and gas industry. DeepOcean is a Haugesund, Norway-based provider of IMR, survey and construction support, and subsea intervention and decommissioning services, and a supplier of marine trenching and cable laying services.

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