Tidewater Announces Closing of USD $175 Million Senior Secured Bond Issue

Rhea-AI Summary

Tidewater Inc. (NYSE: TDW) has successfully closed the offering of USD $175 million in senior secured bonds with an interest rate of 8.5%, maturing in 2026. The proceeds will be used to refinance existing debt and for general corporate purposes. The bonds were privately placed in the United States and are subject to U.S. securities laws. Tidewater operates one of the largest fleets of offshore support vessels, supporting energy exploration and production globally.

Positive

• Issuance of $175 million in senior secured bonds strengthens financial position.
• Proceeds used for refinancing existing debt could improve financial flexibility.

Negative

• Bonds not registered under the Securities Act, potentially limiting marketability.
• Subject to risks and uncertainties as indicated in the forward-looking statements.

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE: TDW) (the “Company”) today announced that it has closed the Company’s offering of USD $175 million aggregate principal amount of 8.5% senior secured bonds due 2026. An application will be made for the bonds to be listed on the Nordic ABM within six months of the issue date for the bonds.

The Company used the net proceeds from the bond issue towards the refinancing of the Company’s outstanding debt and for general corporate purposes.

The bonds were privately placed in the United States in accordance with U.S. securities laws and sold outside the United States pursuant to Regulation S under the Securities Act of 1933.

The bonds have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.

About Tidewater
Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, generation and offshore wind activities worldwide.

Forward-Looking Statements
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. Investors should carefully consider the risk factors described in detail in the Company’s most recent Form 10-K, most recent Form 10-Q, and in similar sections of other filings made by the Company with the SEC from time to time. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this press release to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports filed by the Company with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211116006366/en/

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.

FAQ

What is the principal amount of Tidewater's new bond offering?

Tidewater's new bond offering is for USD $175 million.

When do Tidewater's new bonds mature?

The new bonds are due in 2026.

What is the interest rate on Tidewater's senior secured bonds?

The interest rate on Tidewater's senior secured bonds is 8.5%.

What will Tidewater do with the proceeds from the bond offering?

The proceeds will be used to refinance existing debt and for general corporate purposes.

Are Tidewater's bonds registered under the Securities Act?

No, the bonds have not been registered under the Securities Act of 1933.