Trico Marine granted interim access to $10 million of DIP financing

By Caroline Salls

Pittsburgh, Aug. 27 - Trico Marine Services, Inc. was granted interim access to $10 million of its $35 million in debtor-in-possession financing from affiliates of funds managed by Tennenbaum Capital Partners, LLC and Obsidian Agency Services, Inc., according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Sept. 21.

Obsidian is the DIP facility agent.

The facility includes $10 million in new money loans and $25 million to be used to refinance Trico's pre-bankruptcy first-lien debt.

The DIP financing will mature on the earliest of March 11, 2011, the effective date of a plan of reorganization or liquidation, the closing of a sale of substantially all of the company's assets and the conversion or dismissal of the bankruptcy case.

Interest will be Libor plus 1,150 basis points, with a 2.5% Libor floor.

Trico, a marine services company based in The Woodlands, Texas, filed for bankruptcy on Aug. 25 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 10-12653.

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