(COMTEX) B: TRICO MARINE RECEIVES MARAD COMMITMENT
B: TRICO MARINE RECEIVES MARAD COMMITMENT
HOUSTON, April 7 /PRNewswire/ -- Trico Marine Services, Inc. (Nasdaq:
TMAR) ("Trico") today announced that it has received a commitment from
the United States Maritime Administration ("MARAD") to provide a
guarantee of obligations pursuant to Title XI of the Merchant Marine
Act of 1936, for mortgage period financing, relating to the
construction of two 230-foot deepwater supply vessels. The first
vessel, the Spirit River, was delivered in December 1998 and began a
long-term charter contract, while the second vessel, the Hondo River,
is expected to be delivered in the second quarter of 1999.
The MARAD guarantee is for an aggregate of approximately $18.8 million.
The debt obligations are to be amortized over a period of 15 years,
beginning six months from the date of closing. Proceeds will be used
to prepay amounts outstanding under the Company's revolving credit
facility.
Bank One Capital Markets, Inc. has committed to purchase the debt
obligations. Completion of the Title XI financing is subject to, among
other things, execution of definitive financing agreements.
Trico Marine provides marine support services to the oil and gas
industry, primarily in the Gulf of Mexico, the North Sea and Latin
America. The services provided by the Company's diversified fleet of
vessels include the marine transportation of drilling materials,
supplies and crews and support for the construction, installation, and
maintenance and removal of offshore facilities.
SOURCE Trico Marine Services, Inc.
-0- 04/07/99 /CONTACT: Victor M. Perez or
Tom Green both of Trico Marine Services, Inc., 713-780-9926, or email,
ir@tricomarine.com/
(TMAR)
CO: Trico Marine Services, Inc.; United States Maritime
Administration; Bank
One Capital Markets, Inc. ST: Texas IN: OIL MAR SU:
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