[8-K] Tidewater, Inc. Reports Material Event
Tidewater announced a significant debt refinancing initiative on June 23, 2025. The company plans to offer $650 million in senior notes due 2030 through a private offering to qualified institutional buyers under Rule 144A and Regulation S.
Key aspects of the refinancing plan:
- Proceeds will be used to repay existing senior secured term loan
- Redeem outstanding 8.50% Senior Secured Bonds due 2026
- Redeem outstanding 10.375% Senior Unsecured Bonds due 2028
- Cover associated premiums, interest, fees and expenses
Additionally, Tidewater secured commitment letters for a new $250 million senior secured revolving credit facility. The new facility's availability is contingent on completing the debt repayment and redemption process, though the Notes offering is not conditional on finalizing the new credit agreement.
Il 23 giugno 2025 Tidewater ha annunciato un'importante iniziativa di rifinanziamento del debito. La societ脿 prevede di offrire 650 milioni di dollari in obbligazioni senior con scadenza 2030 tramite un'offerta privata rivolta a investitori istituzionali qualificati secondo la Regola 144A e il Regolamento S.
Elementi chiave del piano di rifinanziamento:
- I proventi saranno utilizzati per rimborsare il prestito a termine senior garantito esistente
- Riscattare le obbligazioni senior garantite 8,50% con scadenza 2026
- Riscattare le obbligazioni senior non garantite 10,375% con scadenza 2028
- Coprire premi, interessi, commissioni e spese correlati
Inoltre, Tidewater ha ottenuto lettere di impegno per una nuova linea di credito revolving senior garantita da 250 milioni di dollari. La disponibilit脿 della nuova linea 猫 subordinata al completamento del processo di rimborso e riscatto del debito, anche se l'offerta delle obbligazioni non dipende dalla finalizzazione del nuovo accordo di credito.
El 23 de junio de 2025, Tidewater anunci贸 una importante iniciativa de refinanciamiento de deuda. La compa帽铆a planea ofrecer 650 millones de d贸lares en bonos senior con vencimiento en 2030 a trav茅s de una oferta privada dirigida a compradores institucionales calificados bajo la Regla 144A y el Reglamento S.
Aspectos clave del plan de refinanciamiento:
- Los ingresos se utilizar谩n para pagar el pr茅stamo a plazo senior garantizado existente
- Redimir los bonos senior garantizados pendientes 8,50% con vencimiento en 2026
- Redimir los bonos senior no garantizados pendientes 10,375% con vencimiento en 2028
- Cubrir primas, intereses, comisiones y gastos asociados
Adem谩s, Tidewater asegur贸 cartas de compromiso para una nueva l铆nea de cr茅dito revolvente senior garantizada de 250 millones de d贸lares. La disponibilidad de esta nueva l铆nea est谩 condicionada a la finalizaci贸n del proceso de pago y redenci贸n de la deuda, aunque la oferta de los bonos no depende de la finalizaci贸n del nuevo acuerdo de cr茅dito.
2025雲� 6鞗� 23鞚�, Tidewater電� 欷戩殧頃� 攵�毂� 鞛湹鞛� 瓿勴殟鞚� 氚滍憸頄堨姷雼堧嫟. 須岇偓電� Rule 144A 氚� Regulation S鞐� 霐半澕 鞝侁博 旮瓣磤 韴瀽鞛� 雽�靸侅溂搿� 2030雲� 毵岅赴 6鞏� 5觳滊 雼煬 攴滊鞚� 靹犾垳鞙� 毂勱秾鞚� 靷搿� 氚滍枆頃� 鞓堨爼鞛呺媹雼�.
鞛湹鞛� 瓿勴殟鞚� 欤检殧 雮挫毄:
- 靾橃澋旮堨潃 旮办〈 靹犾垳鞙� 雼措炒 雽�於� 靸来櫂鞐� 靷毄
- 毵岅赴 2026雲勳澑 8.50% 靹犾垳鞙� 雼措炒 毂勱秾 靸来櫂
- 毵岅赴 2028雲勳澑 10.375% 靹犾垳鞙� 氍措嫶氤� 毂勱秾 靸来櫂
- 甏�霠� 頂勲Μ氙胳梽, 鞚挫瀽, 靾橃垬耄� 氚� 牍勳毄 於╇嫻
於旉皜搿� Tidewater電� 2鞏� 5觳滊 雼煬 攴滊鞚� 靸堧鞖� 靹犾垳鞙� 雼措炒 須岇爠 鞁犾毄 鞁滌劋鞐� 雽�頃� 鞎届啀 靹滍暅鞚� 頇曤炒頄堨姷雼堧嫟. 鞚� 鞁犾毄 鞁滌劋鞚� 鞚挫毄 臧�電レ劚鞚� 攵�毂� 靸来櫂 氚� 靸来櫂 鞝堨皑 鞕勲鞐� 雼牑 鞛堨溂雮�, 毂勱秾 氚滍枆鞚� 靸� 鞁犾毄 瓿勳暯 斓滌頇旍棎 臁瓣贝鞚� 鞐嗢姷雼堧嫟.
Le 23 juin 2025, Tidewater a annonc茅 une importante op茅ration de refinancement de sa dette. La soci茅t茅 pr茅voit d'茅mettre 650 millions de dollars en obligations senior arrivant 脿 茅ch茅ance en 2030 via une offre priv茅e destin茅e aux investisseurs institutionnels qualifi茅s conform茅ment 脿 la r猫gle 144A et au r猫glement S.
Points cl茅s du plan de refinancement :
- Les fonds seront utilis茅s pour rembourser le pr锚t 脿 terme senior garanti existant
- Racheter les obligations senior garanties en circulation 脿 8,50 % 茅ch茅ance 2026
- Racheter les obligations senior non garanties en circulation 脿 10,375 % 茅ch茅ance 2028
- Couvrir les primes, int茅r锚ts, frais et d茅penses associ茅s
De plus, Tidewater a obtenu des lettres d'engagement pour une nouvelle ligne de cr茅dit renouvelable senior garantie de 250 millions de dollars. La disponibilit茅 de cette nouvelle ligne est conditionn茅e 脿 l'ach猫vement du processus de remboursement et de rachat de la dette, bien que l'offre des obligations ne soit pas subordonn茅e 脿 la finalisation du nouvel accord de cr茅dit.
Am 23. Juni 2025 k眉ndigte Tidewater eine bedeutende Initiative zur Umschuldung an. Das Unternehmen plant, 650 Millionen US-Dollar an Senior Notes mit F盲lligkeit 2030 im Rahmen eines Privatangebots an qualifizierte institutionelle K盲ufer gem盲脽 Regel 144A und Verordnung S anzubieten.
Wesentliche Punkte des Refinanzierungsplans:
- Die Erl枚se werden zur R眉ckzahlung des bestehenden besicherten Senior-Terminkredits verwendet
- R眉ckzahlung der ausstehenden 8,50% besicherten Senioranleihen mit F盲lligkeit 2026
- R眉ckzahlung der ausstehenden 10,375% unbesicherten Senioranleihen mit F盲lligkeit 2028
- Deckung von zugeh枚rigen Pr盲mien, Zinsen, Geb眉hren und Kosten
Zus盲tzlich sicherte sich Tidewater Verpflichtungsschreiben f眉r eine neue besicherte revolvierende Senior-Kreditlinie in H枚he von 250 Millionen US-Dollar. Die Verf眉gbarkeit dieser neuen Kreditlinie h盲ngt vom Abschluss des R眉ckzahlungs- und R眉cknahmeprozesses ab, w盲hrend das Angebot der Notes nicht vom Abschluss der neuen Kreditvereinbarung abh盲ngig ist.
- Company is refinancing its debt structure with a new $650M senior notes offering, potentially improving its debt profile and extending maturities to 2030
- Securing a new $250M senior secured revolving credit facility, enhancing liquidity position and financial flexibility
- Strategic debt restructuring to eliminate both 8.50% Senior Secured Bonds and 10.375% Senior Unsecured Bonds, likely reducing overall interest expense
- Company will incur additional expenses related to premiums, fees, and redemption costs for the early retirement of existing bonds
- New debt offering of $650M represents a significant leverage commitment through 2030
Insights
Tidewater is refinancing $650M in debt with new notes and establishing a $250M credit facility, likely improving its debt structure.
Tidewater's debt refinancing initiative represents a significant balance sheet restructuring. The company is issuing $650 million in senior notes due 2030 while simultaneously establishing a new $250 million revolving credit facility. The proceeds will be used to retire multiple existing debt instruments: their senior secured term loan, 8.50% Senior Secured Bonds due 2026, and 10.375% Senior Unsecured Bonds due 2028.
This refinancing strategy appears aimed at extending debt maturities and potentially reducing interest expenses. Most notably, the company is replacing secured bonds carrying an 8.50% interest rate and unsecured bonds with a 10.375% rate with new senior notes that likely carry a lower interest rate given current market conditions. The consolidation of multiple debt instruments into a single issuance also simplifies the capital structure.
The new $250 million revolving credit facility enhances Tidewater's liquidity position and financial flexibility, providing a funding cushion for operational needs or potential growth opportunities. This comprehensive debt restructuring suggests management is taking a proactive approach to liability management, potentially improving the company's financial profile by extending maturities and reducing interest burden while maintaining operational flexibility through the new revolving facility.
Il 23 giugno 2025 Tidewater ha annunciato un'importante iniziativa di rifinanziamento del debito. La societ脿 prevede di offrire 650 milioni di dollari in obbligazioni senior con scadenza 2030 tramite un'offerta privata rivolta a investitori istituzionali qualificati secondo la Regola 144A e il Regolamento S.
Elementi chiave del piano di rifinanziamento:
- I proventi saranno utilizzati per rimborsare il prestito a termine senior garantito esistente
- Riscattare le obbligazioni senior garantite 8,50% con scadenza 2026
- Riscattare le obbligazioni senior non garantite 10,375% con scadenza 2028
- Coprire premi, interessi, commissioni e spese correlati
Inoltre, Tidewater ha ottenuto lettere di impegno per una nuova linea di credito revolving senior garantita da 250 milioni di dollari. La disponibilit脿 della nuova linea 猫 subordinata al completamento del processo di rimborso e riscatto del debito, anche se l'offerta delle obbligazioni non dipende dalla finalizzazione del nuovo accordo di credito.
El 23 de junio de 2025, Tidewater anunci贸 una importante iniciativa de refinanciamiento de deuda. La compa帽铆a planea ofrecer 650 millones de d贸lares en bonos senior con vencimiento en 2030 a trav茅s de una oferta privada dirigida a compradores institucionales calificados bajo la Regla 144A y el Reglamento S.
Aspectos clave del plan de refinanciamiento:
- Los ingresos se utilizar谩n para pagar el pr茅stamo a plazo senior garantizado existente
- Redimir los bonos senior garantizados pendientes 8,50% con vencimiento en 2026
- Redimir los bonos senior no garantizados pendientes 10,375% con vencimiento en 2028
- Cubrir primas, intereses, comisiones y gastos asociados
Adem谩s, Tidewater asegur贸 cartas de compromiso para una nueva l铆nea de cr茅dito revolvente senior garantizada de 250 millones de d贸lares. La disponibilidad de esta nueva l铆nea est谩 condicionada a la finalizaci贸n del proceso de pago y redenci贸n de la deuda, aunque la oferta de los bonos no depende de la finalizaci贸n del nuevo acuerdo de cr茅dito.
2025雲� 6鞗� 23鞚�, Tidewater電� 欷戩殧頃� 攵�毂� 鞛湹鞛� 瓿勴殟鞚� 氚滍憸頄堨姷雼堧嫟. 須岇偓電� Rule 144A 氚� Regulation S鞐� 霐半澕 鞝侁博 旮瓣磤 韴瀽鞛� 雽�靸侅溂搿� 2030雲� 毵岅赴 6鞏� 5觳滊 雼煬 攴滊鞚� 靹犾垳鞙� 毂勱秾鞚� 靷搿� 氚滍枆頃� 鞓堨爼鞛呺媹雼�.
鞛湹鞛� 瓿勴殟鞚� 欤检殧 雮挫毄:
- 靾橃澋旮堨潃 旮办〈 靹犾垳鞙� 雼措炒 雽�於� 靸来櫂鞐� 靷毄
- 毵岅赴 2026雲勳澑 8.50% 靹犾垳鞙� 雼措炒 毂勱秾 靸来櫂
- 毵岅赴 2028雲勳澑 10.375% 靹犾垳鞙� 氍措嫶氤� 毂勱秾 靸来櫂
- 甏�霠� 頂勲Μ氙胳梽, 鞚挫瀽, 靾橃垬耄� 氚� 牍勳毄 於╇嫻
於旉皜搿� Tidewater電� 2鞏� 5觳滊 雼煬 攴滊鞚� 靸堧鞖� 靹犾垳鞙� 雼措炒 須岇爠 鞁犾毄 鞁滌劋鞐� 雽�頃� 鞎届啀 靹滍暅鞚� 頇曤炒頄堨姷雼堧嫟. 鞚� 鞁犾毄 鞁滌劋鞚� 鞚挫毄 臧�電レ劚鞚� 攵�毂� 靸来櫂 氚� 靸来櫂 鞝堨皑 鞕勲鞐� 雼牑 鞛堨溂雮�, 毂勱秾 氚滍枆鞚� 靸� 鞁犾毄 瓿勳暯 斓滌頇旍棎 臁瓣贝鞚� 鞐嗢姷雼堧嫟.
Le 23 juin 2025, Tidewater a annonc茅 une importante op茅ration de refinancement de sa dette. La soci茅t茅 pr茅voit d'茅mettre 650 millions de dollars en obligations senior arrivant 脿 茅ch茅ance en 2030 via une offre priv茅e destin茅e aux investisseurs institutionnels qualifi茅s conform茅ment 脿 la r猫gle 144A et au r猫glement S.
Points cl茅s du plan de refinancement :
- Les fonds seront utilis茅s pour rembourser le pr锚t 脿 terme senior garanti existant
- Racheter les obligations senior garanties en circulation 脿 8,50 % 茅ch茅ance 2026
- Racheter les obligations senior non garanties en circulation 脿 10,375 % 茅ch茅ance 2028
- Couvrir les primes, int茅r锚ts, frais et d茅penses associ茅s
De plus, Tidewater a obtenu des lettres d'engagement pour une nouvelle ligne de cr茅dit renouvelable senior garantie de 250 millions de dollars. La disponibilit茅 de cette nouvelle ligne est conditionn茅e 脿 l'ach猫vement du processus de remboursement et de rachat de la dette, bien que l'offre des obligations ne soit pas subordonn茅e 脿 la finalisation du nouvel accord de cr茅dit.
Am 23. Juni 2025 k眉ndigte Tidewater eine bedeutende Initiative zur Umschuldung an. Das Unternehmen plant, 650 Millionen US-Dollar an Senior Notes mit F盲lligkeit 2030 im Rahmen eines Privatangebots an qualifizierte institutionelle K盲ufer gem盲脽 Regel 144A und Verordnung S anzubieten.
Wesentliche Punkte des Refinanzierungsplans:
- Die Erl枚se werden zur R眉ckzahlung des bestehenden besicherten Senior-Terminkredits verwendet
- R眉ckzahlung der ausstehenden 8,50% besicherten Senioranleihen mit F盲lligkeit 2026
- R眉ckzahlung der ausstehenden 10,375% unbesicherten Senioranleihen mit F盲lligkeit 2028
- Deckung von zugeh枚rigen Pr盲mien, Zinsen, Geb眉hren und Kosten
Zus盲tzlich sicherte sich Tidewater Verpflichtungsschreiben f眉r eine neue besicherte revolvierende Senior-Kreditlinie in H枚he von 250 Millionen US-Dollar. Die Verf眉gbarkeit dieser neuen Kreditlinie h盲ngt vom Abschluss des R眉ckzahlungs- und R眉cknahmeprozesses ab, w盲hrend das Angebot der Notes nicht vom Abschluss der neuen Kreditvereinbarung abh盲ngig ist.
FAQ
How much is TDW's new senior notes offering announced on June 23, 2025?
What is the size of TDW's new revolving credit facility in 2025?
How will TDW use the proceeds from its 2030 senior notes offering?
What bonds is TDW planning to redeem in 2025?
Who can participate in TDW's 2030 senior notes offering?
