Company: TDDWW
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024640
Chunk: 38

Company: TIDEWATER INC
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 the respective vessels. The Facility Agreements are secured by the vessels, guaranteed by Tidewater as parent guarantor and contain no financial covenants.
    
   Credit Facility Agreement
    
   We entered into a Credit Facility Agreement providing for a Super Senior Secured Revolving Credit Facility maturing on  November 16, 2026 that provides access to $25.0 million for general working capital purposes. The Credit Facility Agreement takes precedence over all other debt, if and when drawn, and as of  June 30, 2025, no amounts had been drawn. All amounts owed under the Credit Facility Agreement are secured by the same collateral that secures the 2026 Notes, and such collateral is to be shared in accordance with the priorities established in the Intercreditor Agreement among the Facility Agent, the company, certain subsidiaries thereof, Nordic Trustee AS and certain other parties. On  July 7, 2025, this Super Senior Secured Revolving Credit Facility was terminated and replaced with the New Revolving Credit Facility, as described below under “Subsequent Events”.
    
   Subsequent Events
    
   On  July 7, 2025, we, certain of our subsidiaries (Guarantors), and Wilmington Trust, National Association, as trustee (Trustee), entered into an indenture (Indenture), pursuant to which we issued $650.0 million in aggregate principal amount of 9.125% Senior Notes due 2030 (2030 Notes).
    
   The 2030 Notes mature on  July 15, 2030. Interest on the 2030 Notes is payable semi-annually in arrears on each  January 15 and  July 15, commencing  January 15, 2026, to holders of record on the  January 1 and  July 1 immediately preceding the related interest payment date, at a rate of 9.125% per annum. 
    
   At any time prior to  July 15, 2027, we  may redeem the 2030 Notes, at a redemption price equal to 100% of the principal amount of the 2030 Notes redeemed, plus an applicable make-whole premium and accrued and unpaid interest, if any. At any time on or after  July 15, 2027, we  may redeem the 2030 Notes, at the redemption price of 104.