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

Rhea-AI Summary

Tidewater Inc. (NYSE: TDW) has announced its offering of USD $175 million in senior secured bonds, set to mature in November 2026, with an interest rate of 8.5% per annum. The bond offering is expected to close on November 16, 2021, subject to customary conditions. Proceeds will be utilized for refinancing existing debt and other corporate purposes. The bonds will be listed on the Nordic ABM, and the offering complies with U.S. securities laws, being privately placed.

Positive

• Offering of USD $175 million in senior secured bonds indicates financial maneuvering for capital structuring.
• Interest rate of 8.5% is relatively attractive in the current market.

Negative

• Maturity term of bonds is five years, implying future debt obligations.
• Potential risks associated with the financial health reflected in the bond offerings.

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE: TDW) (the “Company”) today announced that it has finalized the terms of the Company’s offering of USD $175 million in senior secured bonds in the Nordic bond market. The bonds will mature in November 2026 and bear interest at 8.5% per annum. The Company anticipates that consummation of the offering will occur on November 16, 2021, subject to customary closing conditions. The Company intends to use the net proceeds from the bond issue towards the refinancing of the Company’s outstanding debt and for general corporate purposes. An application will be made for the bonds to be listed on the Nordic ABM.

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.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the bonds or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.

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/20211015005084/en/

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.

FAQ

What are the terms of Tidewater Inc.'s bond offering?

Tidewater Inc. is offering USD $175 million in senior secured bonds with a maturity in November 2026 and an interest rate of 8.5%.

When is the bond offering by Tidewater Inc. expected to close?

The bond offering is expected to close on November 16, 2021.

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

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

Where will the bonds issued by Tidewater Inc. be listed?

The bonds are intended to be listed on the Nordic ABM.

Is the bond offering by Tidewater Inc. registered under U.S. securities laws?

No, the bonds have not been registered under the Securities Act of 1933 and may not be sold in the U.S. without proper registration.