Oil field services company Trico Marine Services Inc said its unit Trico Shipping AS plans to raise $400 million through senior secured notes, and will use the proceeds to repay debt.
The notes, due 2014, will be guaranteed by the Company's wholly owned unit, Trico Supply AS and by Trico Supply's subsidiaries and parent companies, including Trico.
The company intends to use the proceeds to repay about $367 million of debt of Trico Supply and its units, it said in a statement.
The notes will be issued to qualified institutional buyers within the United States and to persons outside the country, Trico said.
Shares of Trico Marine were up 2 percent at $7.88 Friday afternoon on Nasdaq. (Reporting by Arundhati Ramanathan in Bangalore; Editing by Unnikrishnan Nair)