Tidewater Inc. (NYSE: TDW) has recently closed a significant offering of $650 million in aggregate principal amount of 9.125% senior unsecured notes due 2030. The company utilized the net proceeds from this offering, in addition to cash on hand, to make several strategic financial moves. These include repaying the company's existing senior secured term loan, funding the redemption of the outstanding 8.50% senior secured bonds due 2026 and the outstanding 10.375% senior unsecured bonds due 2028, and covering the premiums, accrued interest, fees, and expenses related to these transactions.
Moreover, Tidewater also entered into a senior secured five-year credit agreement, which provides for a new $250 million revolving credit facility. This credit facility's borrowing availability is subject to customary conditions precedent.
Tidewater, with 65 years of experience, is the owner and operator of the largest fleet of offshore support vessels in the industry. The company has been supporting offshore energy exploration, production, and offshore wind activities worldwide.
This move marks a significant shift in Tidewater's financial landscape, allowing for the repayment of existing debts and the establishment of a new credit facility. It positions the company for potential growth and continued support of offshore energy activities. Today the company's shares have moved 0.21% to a price of $48.21. Check out the company's full 8-K submission here.
