By Devika Patel
Knoxville, Tenn., May 16 - Trico Marine Services Inc. said it negotiated a $300 million private placement of senior convertible debentures due May 15, 2028.
The 6.5% notes are convertible into common shares at $40.42 per share, based on an initial conversion rate of 24.74023 shares per $1,000 principal amount of debentures, a 15% premium to the volume-weighted average price of Trico stock on May 15.
Trico may redeem the debentures on or after May 15, 2013 and the investors may require Trico to repurchase all or a portion of their debentures on May 15, 2013, May 15, 2015, May 15, 2018 and May 15, 2023 or otherwise in the event of certain fundamental change transactions.
In each case, the debentures must be bought at a price equal to 100% of the principal amount plus interest to the redemption or repurchase date.
Lazard was the agent.
Proceeds will be used to help finance the acquisition of DeepOcean ASA.
Trico is a Houston-based provider of marine support vessels to the offshore oil and gas industry.
| Issuer: | Trico Marine Services Inc.
|
| Issue: | Senior convertible debentures
|
| Amount: | $300 million
|
| Maturity: | May 15, 2028
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion premium: | 15%
|
| Conversion price: | $40.42
|
| Conversion ratio: | 24.74023 shares per $1,000 principal of debentures
|
| Call: | May 15, 2013 onwards
|
| Put: | May 15 of 2013, 2015, 2018, 2023
|
| Warrants: | No
|
| Agent: | Lazard
|
| Pricing date: | May 15
|
| Stock symbol: | Nasdaq: TRMA
|
| Stock price: | $35.44 at close May 15
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
