Tidewater closes $650mln 9.125% senior unsecured notes, enters $250mln revolver.

Tidewater Inc. closed a $650 million private offering of 9.125% senior unsecured notes due 2030 and entered into a $250 million revolving credit facility. The proceeds were used to repay a term loan, fund the redemption of existing 8.50% Senior Secured Bonds due 2026, and for general corporate purposes.

Tidewater Inc. (NYSE: TDW) has announced the closing of a $650 million private offering of 9.125% senior unsecured notes due 2030. The company also entered into a $250 million revolving credit facility. The proceeds from the offering were used to repay a term loan, fund the redemption of existing 8.50% Senior Secured Bonds due 2026 and 10.375% Senior Unsecured Bonds due 2028, and for general corporate purposes [1][2][3].

The closing of the offering satisfied the conditions associated with Tidewater's exercise of its option to call for redemption of all outstanding 2026 Bonds and 2028 Bonds. In addition, Tidewater entered into a senior secured five-year credit agreement providing for a new $250 million revolving credit facility. Borrowing availability under the credit agreement is subject to customary conditions precedent [1][2][3].

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production, and offshore wind activities worldwide [1][2][3].

References:
[1] https://finance.yahoo.com/news/tidewater-announces-closing-650-million-202400312.html
[2] https://www.stocktitan.net/news/TDW/tidewater-announces-closing-of-650-million-offering-of-9-125-senior-978u5258sike.html
[3] https://www.morningstar.com/news/business-wire/20250707007468/tidewater-announces-closing-of-650-million-offering-of-9125-senior-unsecured-notes-due-2030-and-entering-into-250-million-revolving-credit-facility