Tidewater Commences Private Offering Of $650 Mln Of Unsecured Senior Notes Due 2030

(RTTNews) - Tidewater Inc. (TDW) announced Monday it has commenced a private offering of $650 million in aggregate principal amount of unsecured senior notes due 2030.

The Company said it expects to use the net proceeds from the Offering, together with cash on hand, (i) to repay in full the Company's existing senior secured term loan, (ii) 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 (iii) 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.

The 2030 Notes are being offered in the United States only to persons reasonably believed to be qualified institutional buyers.