Trico Marine Services (TMAR) Message Board

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Gold/Mining/Energy : Trico Marine Services (TMAR)

TMAR 22.48

+0.1%

Oct 31 9:46 AM EST

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To: Mikhail Rasolis who wrote ()	4/16/1999 11:27:00 AM
From: Paul Lee	Read Replies (1) of 1153

Trico Marine Announces $50 Million Private Placement HOUSTON, April 16 /PRNewswire/ -- Trico Marine Services, Inc. (Nasdaq: TMAR) announced today that a definitive agreement has been signed under which affiliates of Inverness Management LLC ("Inverness") will purchase $50 million of Trico Marine's common shares in a private placement. Under the terms of the agreement, Inverness will purchase an aggregate of 8 million shares of Trico's common stock at $6.25 per share. Half of the transaction is expected to close upon termination or expiration of the waiting period under the Hart-Scott-Rodino Act. The remaining portion is subject to stockholder approval and will be voted on at the Company's annual meeting scheduled for June 1999. The Company also agreed, under certain circumstances, to file a registration statement covering resale of the shares issued in the private placement. Proceeds from the equity investment will be used initially to prepay amounts outstanding under the Company's revolving credit agreement. "We are very pleased in the confidence that Inverness has shown through their investment in Trico," said Thomas E. Fairley, President and Chief Executive Officer. "This investment will strengthen Trico's balance sheet and enable the Company to take advantage of potential opportunities in the current challenging environment." Located in Greenwich, Connecticut, Inverness Management is a privately held investment firm that provides equity for leveraged acquisitions, recapitalizations and companies seeking additional capital. Bear Stearns served as the financial advisor to the Company in the transaction and also rendered an opinion that the transaction is fair to the Company from a financial point of view.

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