TCMS news: TransCoastal Announces Completion of New $70 Million Financing
HOUSTON--(BUSINESS WIRE)--Jan. 15, 1999--TransCoastal Marine Services Inc. (Nasdaq:TCMS - news) announced today that it has completed a new long-term financing to replace its existing senior credit facility. The new financing consists of:
A revolving credit facility for up to $15 million issued by Bank One Texas, N.A.; A seven-year senior term loan in the amount of $35 million issued by Heller Financial Leasing Inc.; and $20 million in subordinated notes.
Nathan M. Avery, Chairman and Chief Executive Officer, stated, ''Our new credit facilities provide TransCoastal with a very favorable long-term debt structure that strengthens our balance sheet. The completed package provides a solid foundation for the Company's long-term growth through its working capital, term and subordinated components.''
TransCoastal Marine Services Inc., headquartered in Houston, is a marine construction company. The Company's Pipeline and Offshore Services Division performs pipeline installation and repair worldwide. The Pipeline Division also provides construction support services, including hydrostatic testing and commissioning of pipelines. TransCoastal's Fabrication Division fabricates, refurbishes and installs offshore drilling rigs, barge drilling rigs, production platforms and performs related fabrication services.
Contact:
TransCoastal Marine Services Inc., Houston
Pamela L. Reiland, 713/784-7429 |
