Company: TDDWW
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001437749-25-014565
Chunk: 28

Company: TIDEWATER INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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  March 31, 2025 and  December 31, 2024, the fair value (Level 1) of the 8.50% Senior Secured Notes due  November 2026 was $180.8 million and $180.8 million, respectively. The fair value is obtained from public transaction activity on the XOAM.
 (D)Approximately $5.0 million of the amount in restricted cash on the condensed consolidated balance sheet at  March 31, 2025, represents the pro rata amount due for our next semiannual interest payment obligation on the 8.50% Senior Secured Notes.

   Senior Secured Term Loan
    
   On  June 30, 2023, Tidewater entered into a Credit Agreement, by and among Tidewater, as parent guarantor, TDW International Vessels (Unrestricted), LLC, a Delaware limited liability company and a wholly-owned subsidiary of the company (TDW International), as borrower, certain other unrestricted subsidiaries of Tidewater, as other security parties, the lenders party thereto, DNB Bank ASA, New York Branch (DNB Bank), as facility agent and DNB Markets, Inc. (DNB Markets), as bookrunner and mandated lead arranger (Credit Agreement), which was fully drawn on  July 5, 2023, in a single advance of $325.0 million.
    
   The Senior Secured Term Loan is composed of a Tranche A loan and a Tranche B loan, each maturing on  July 5, 2026. The first payment of $50.0 million under the Tranche A loan was paid in  July 2024, with the remaining $50.0 million due at maturity. The Tranche B loan amortizes over the three-year term, with quarterly payments of $12.5 million to  July 2025 and $25.0 million from  October 2025 with the final payment of $50.0 million due at maturity. The Tranche A loan bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 5% initially, increasing to 8% over the term of the Term Loan. The Tranche B loan bears interest at SOFR plus 3.75%. The Tranche A loan and the Tranche B loan  may be prepaid together pro rata at any time without premium or penalty. The security for the Senior Secured Term