Tidewater Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits
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Item 7.01. Regulation FD Disclosure.
Notes Offering
On June 23, 2025, Tidewater Inc. (the “Company”) announced its intention to offer, subject to market conditions and other factors, $650,000,000 aggregate principal amount of senior notes due 2030 (the “Notes”) in a private offering (the “Offering”) exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Notes are being offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the U.S. in reliance on Regulation S under the Securities Act.
The Company 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 (the “Redemption”) of both the Company’s outstanding 8.50% Senior Secured Bonds due 2026 (the “2026 Bonds”) and its outstanding 10.375% Senior Unsecured Bonds due 2028 (the “2028 Bonds”) and (iii) to pay the premiums, accrued interest, fees and expenses related to the term loan payoff, Redemption and the issuance of the Notes. This report does not constitute a notice of redemption for the 2026 Bonds or the 2028 Bonds.
On June 23, 2025, the Company issued a press release related to the foregoing. A copy of the press release is attached as Exhibit 99.1 to this report and incorporated by reference herein.
New Revolving Credit Facility
In connection with the Offering, the Company received commitment letters from lenders for a new $250 million senior secured revolving credit facility (the “New Credit Agreement”). The New Credit Agreement will be entered into on the closing date of the Offering with borrowing availability subject to customary conditions precedent, including the repayment in full of the Term Loan, the redemption of the 2026 Bonds and the 2028 Bonds, the discharge of certain liens securing existing indebtedness and the pledge of the collateral required under the New Credit Agreement. The completion of the Offering is not conditioned upon entry into the New Credit Agreement.
Item 9.01. Financial Statements and Exhibits
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 99.1 | Press Release, dated June 23, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TIDEWATER INC. | ||
| Date: June 23, 2025 | By: | /s/ Samuel R. Rubio |
| Samuel R. Rubio | ||
| Executive Vice President and Chief Financial Officer | ||