Tidewater Inc. (TDW) announced the pricing of its private offering of $650 million in aggregate principal amount of unsecured senior notes due 2030. The 2030 Notes will bear interest at a rate of 9.125% per year and will mature on July 15, 2030. The 2030 Notes will be issued at par.
The sale of the 2030 Notes to the initial purchasers is expected to settle on July 7, 2025, subject to customary closing conditions.
The company expects to use the net proceeds from the Offering, together with cash on hand, to repay in full the Company's existing senior secured term loan, to fund the redemption of both the company's outstanding 8.50% Senior Secured Bonds due 2026 and its outstanding 10.375% Senior Unsecured Bonds due 2028 and to pay the premiums, accrued interest, fees and expenses related to the term loan payoff, Redemption and the issuance of the 2030 Notes. The 2030 Notes will be senior unsecured obligations of the Company and will be guaranteed on a senior unsecured basis by certain of the Company's U.S. subsidiaries.
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