Trico signs $75 million exit facility, expects to leave Chapter 11 in March

New York, Feb. 22 - Trico Marine Services, Inc. said it has entered into a new $75 million exit facility.

The Houston-based provider of marine support services to the oil and gas industry added that it expects to emerge from Chapter 11 by March 15.

The exit facility is made up of a $55 million term loan and a $20 million revolving credit facility.

The new agreement will become effective and replace the existing $75 million debtor-in-possession agreement on approval by the U.S. Bankruptcy Court for the Southern District of New York.

Proceeds will be used to repay debt, for working capital, to pay claims under the plan of reorganization and to pay fees and expenses.

Bear Stearns Corporate Lending Inc. is administrative agent and revolving credit collateral agent for the new facility, and The Bank of New York is term loan collateral agent.

Interest is at Libor plus 525 basis points.

The term loan can be repaid at a price of 103 for the first two years, then at 102, 101 and declining to par after four years. The maturity date is five years. Starting in the second year, it amortizes by $5 million a year.

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