Trico Announces $50M Refinancing of Credit Facility

Trico Marine Services, Inc. announced that it has entered into a new $50 million revolving credit facility to refinance its previous $45 million credit facility. The new facility will mature on December 18, 2005, and is structured as a senior secured revolving credit facility. Proceeds from the facility will be used for working capital needs, capital expenditures and other general corporate purposes. The facility will be secured by mortgages on substantially all of the company's Gulf of Mexico class supply boats and crew boats. The new facility, containing customary terms and conditions, replaces the previous facility, which was scheduled to expire in June 2003. Nordea acted as lead arranger and book runner for the new facility and will serve as administrative agent. Bank of Scotland and Hamburgische Landesbank acted as co-arrangers.