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Trico Marine to repay revolver debt, offer to prepay term debt with stock proceeds
By Sara Rosenberg
New York, Oct. 7 - Trico Marine Services Inc. plans to repay its outstanding revolving credit facility debt and, if allowed, a portion or all of its term loan debt using proceeds from a stock offering, according to a 424B3 filed with the Securities and Exchange Commission Friday.
Under the credit agreement, the company must first offer to prepay its term loan borrowings. However, lenders have the right to turn down the prepayment until March 16, 2006, at which time the debt is prepayable at a call premium of 103.
The company estimates that net proceeds from stock offering will be $94.2 million.
As of Aug. 31, there was about $6 million drawn under the revolver and $54.6 million of term loan debt.
Any remaining proceeds from the stock offering will be used for general corporate purposes.
Trico Marine is a Houston-based provider of marine support services to the oil and gas industry.
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