Trico Marine, unit amend loans; Nasdaq issues bid price warning

By Caroline Salls

Pittsburgh, July 29 - Trico Marine Services, Inc. has entered into a second amendment to its credit agreement from affiliates of Tennenbaum Capital Partners, LLC to add a carve-out for recent amendments to the covenant limiting the company's ability to enter restrictive agreements, according to an 8-K filed with the Securities and Exchange Commission.

Nordea Bank Finland plc, New York Branch is the collateral agent on the Trico Marine facility, and Obsidian Agency Services, Inc. is the administrative agent.

In addition, Trico Marine indirect wholly owned subsidiary Trico Shipping AS entered into a fourth amendment to its working capital facility from the Tennenbaum affiliates and Unicredit Bank AG.

Under that amendment, if a grant of a security interest in any assets of Trico Supply AS that would have otherwise been required to have been granted under a senior notes indenture is no longer required, Trico Supply and its subsidiaries will still be obligated to grant a security interest in any assets with at least the same priority that would have otherwise been required.

Nordea is the administrative agent on the Trico Shipping facility.

According to the 8-K, Trico received notice from the Nasdaq Listing Qualifications Staff that the company has not maintained a minimum bid price of $1.00 per share based upon the closing bid price for the last 30 consecutive business days for continued listing on the Nasdaq Stock Market.

If Trico can comply with the minimum bid price requirement for 10 consecutive business days within 180 calendar days, the matter will be closed.

However, if the company does not regain compliance before the expiration of the grace period, its securities will be subject to delisting.

Trico is a marine services company based in The Woodlands, Texas.

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