Tidewater Completes $650 Million Debt Offering and Establishes $250 Million Revolving Credit Facility

Tidewater Inc. has closed a $650 million offering of 9.125% senior unsecured notes due 2030 and entered into a $250 million revolving credit facility. The company used the net proceeds to repay its existing senior secured term loan, fund the redemption of its 8.50% Senior Secured Bonds due 2026 and 10.375% Senior Unsecured Bonds due 2028, and pay related premiums, interest, fees, and expenses. The closing of the offering satisfied the conditions associated with the redemption of all outstanding 2026 Bonds and 2028 Bonds.

Houston, July 2, 2025 — Tidewater Inc. (NYSE: TDW) has successfully closed a $650 million offering of 9.125% senior unsecured notes due 2030. The company has also entered into a $250 million senior secured five-year revolving credit facility. The net proceeds from the offering were used to repay the existing senior secured term loan, fund the redemption of the 8.50% Senior Secured Bonds due 2026 and 10.375% Senior Unsecured Bonds due 2028, and cover associated premiums, interest, fees, and expenses.

The closing of the offering satisfied the conditions associated with the redemption of all outstanding 2026 Bonds and 2028 Bonds. The new notes will rank senior unsecured and carry guarantees from certain U.S. subsidiaries. The offering was conducted under Rule 144A and Regulation S, making the securities available solely to qualified institutional buyers and non-U.S. investors.

The new debt structure extends Tidewater’s nearest bond maturity from 2026/2028 to 2030, lengthening the debt ladder by 2-4 years. It also replaces secured debt with unsecured debt, potentially freeing collateral and increasing financial flexibility. The blended interest cost relative to existing instruments changes, with the 9.125% coupon being 62.5 basis points higher than the 2026 secured notes but 125 basis points lower than the 2028 unsecured notes.

In addition, Tidewater has secured commitment letters for a new $250 million senior secured revolving credit facility. Borrowing availability under the Credit Agreement is subject to customary conditions precedent.

About Tidewater
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.

Cautionary Statement
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements regarding and the Credit Agreement. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties, and assumptions that may cause actual results to vary materially from those indicated. Additional risks and uncertainties are detailed in the Company’s most recent filings with the SEC, including under the captions “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Statements in this news release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.

References:
[1] https://www.stocktitan.net/news/TDW/tidewater-announces-closing-of-650-million-offering-of-9-125-senior-978u5258sike.html
[2] https://www.stocktitan.net/sec-filings/TDW/