Trico Marine amends to revise leverage covenant, drop availability

By Sara Rosenberg

New York, Dec. 31 - Trico Marine Services Inc. amended its $50 million credit facility, increasing the consolidated leverage ratio and reducing availability to $15 million until the leverage ratio is reduced to the allowed pre-amendment level, according to an 8-K filed with the Securities and Exchange Commission

In addition, the amendment excludes the effect of impairment charges related to the cancellation of shipbuilding contracts for four multipurpose vessels being constructed in India.

The company expects to take an impairment charge during the fourth quarter in the range of $110 million to $130 million principally for the shipbuilding cancellation.

The amendment was completed on Dec. 22.

Nordea Bank is the administrative agent on the deal.

Trico Marine is a The Woodlands, Texas-based provider of subsea, trenching and marine support vessels and services.

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