Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 543

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 2
Chunk 543
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 $3.8 million. The amount of revenue recognized in prior years was immaterial.

       88

   (4)     DEBT
    
   The following table summarizes debt outstanding based on stated maturities:

     (In Thousands)   December 31,    December 31,  
   2024    2023  
 Senior bonds:         
 Senior Secured Term Loan  $212,500  $312,500 
 10.375% Senior Unsecured Notes due July 2028   250,000   250,000 
 8.50% Senior Secured Bonds due November 2026   175,000   175,000 
 Vessel Facility Agreements   10,387   14,151 
   647,887   751,651 
 Debt discount and issuance costs   (10,791)  (17,213)
 Less: Current portion of long-term debt   (65,386)  (103,077)
 Total long-term debt  $571,710  $631,361 

   Senior Secured Term Loan
    
   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 yielding net proceeds of approximately $318.3 million, which were used to fund a portion of the purchase price for the Solstad Acquisition.
    
   The Senior Secured Term Loan is composed of a $100.0 million Tranche A loan and a $225.0 million Tranche B loan, each maturing on  July 5, 2026. $50.0 million of 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 of the Senior Secured Term