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8-K - FORM 8-K - TIDEWATER INC | h76123e8vk.htm |
EX-10.1 - EX-10.1 - TIDEWATER INC | h76123exv10w1.htm |
Exhibit 99.1
Tidewater Announces Agreement for New Private Placement Financing
NEW ORLEANS, September 9, 2010 (BUSINESS WIRE) Tidewater Inc. (NYSE:TDW) announced
today that it and a group of institutional investors have executed a note purchase agreement in
regards to $425 million of senior unsecured notes. The note purchase agreement contemplates
closings on October 15, 2010 and December 30, 2010, when the company expects to issue a multiple
series of notes totaling $310 million and $115 million, respectively. The notes will have
maturities ranging from 5 years to 12 years and have a weighted average life to maturity of
approximately 9 years. The notes may be retired before their respective scheduled maturity dates
subject only to a make-whole provision. The weighted average coupon on the notes is 4.25%.
Proceeds from the note sales will be used to refinance borrowings under the companys $450
million revolving credit facility, which remains available until May 2012, to fund capital
expenditures related to the Companys on-going fleet enhancement program and for general corporate
purposes.
The notes will be sold in a private placement to purchasers that are accredited investors and
are restricted securities that may not be resold by such purchasers except pursuant to an exemption
from registration under the federal securities laws.
Dean Taylor, Tidewaters Chief Executive Officer, noted Tidewaters ability to access the
credit and capital markets on very favorable terms reflects the companys strong financial
position. In recent quarters, the companys focus has shifted from fleet renewal and earnings
replacement to longer-term growth initiatives. Competitive financing arrangements allow us to
opportunistically acquire and/or build vessels that address changing customer requirements and to
best position our company for a future market recovery.
Tidewater Inc. owns 397 vessels, the worlds largest fleet of vessels serving the global
offshore energy industry.
CONTACT: Tidewater Inc., New Orleans
Joe Bennett, Executive Vice President and Chief Investor Relations Officer
504-566-4506
Joe Bennett, Executive Vice President and Chief Investor Relations Officer
504-566-4506