Tidewater Raise Funds on Senior Note Placement

MarineLink.com
Monday, September 30, 2013
Note placement agreement celebration: Photo credit Tidewater

Offshore Service Vessel owner Tidewater Inc. with a group of institutional investors have executed a $500-million senior unsecured note purchase agreement.

Proceeds from the issuance of the notes will be used to (i) refinance borrowings under the company’s existing $600 million revolving credit facility, which remains available until June 2018, (ii) fund capital expenditures related to the company’s on-going fleet enhancement program and (iii) for general corporate purposes.

The note purchase agreement contemplates two closings at which time the company expects to issue multiple series of notes. The first closing was September 30, 2013 whereby the company issued $300 million of senior unsecured notes and the second closing is expected on November 15, 2013 when the company will issue the remaining $200 million of senior unsecured notes.

When issued, the notes will have maturities ranging from 7 years to 12 years and have a weighted average life to maturity of approximately 9¾ 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 4.86%.
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NOIA Applauds RI Offshore Wind Project

National Ocean Industries Association (NOIA) president Randall Luthi issued a statement congratulating “steel in the water” for Deep Water Wind’s Block Island Wind Farm,

BTP Handles Millionth Container

Brazil’s newest container terminal hits a series of efficiency milestones   Brasil Terminal Portuário (BTP), Brazil’s newest container terminal in the Port of Santos,

SBM Offshore Completes $1.55 bln FPSO Financing

SBM Offshore announced it has today completed the project financing of FPSO Cidade de Saquarema for a total of $1.55 billion, marking the largest project financing in the company's history.

Offshore

NOIA Applauds RI Offshore Wind Project

National Ocean Industries Association (NOIA) president Randall Luthi issued a statement congratulating “steel in the water” for Deep Water Wind’s Block Island Wind Farm,

CAPE Holland Deploys New Vibro Lifting Tool

Earlier this week, during its first commercial application, the newly developed Vibro Lifting Tool (VLT) of CAPE Holland has successfully installed four piles in up to 90 meters water depth.

FERC Approves Excelerate’s Offshore GasPort

Excelerate receives approval to move forward with the construction and operation of LNG terminal   On July 24, 2015, the U.S. Federal Energy Regulatory Commission

Finance

SBM Offshore Completes $1.55 bln FPSO Financing

SBM Offshore announced it has today completed the project financing of FPSO Cidade de Saquarema for a total of $1.55 billion, marking the largest project financing in the company's history.

NAT Buys 2 Suexmax Tankers

Nordic American Tankers Limited (NAT) acquires two modern Suezmax tankers, increasing the fleet to 26 vessels    Tanker shipping company NAT announced that it

Rolls-Royce Bolsters R&D for MTU Engines

New R&D test facilities in Friedrichshafen already in service; 40 million euros invested for greater fuel economy and lower emissions    Rolls-Royce Power Systems

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1668 sec (6 req/sec)