Company: TDDWW
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024640
Chunk: 33

Company: TIDEWATER INC
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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000 
 8.50% Senior Secured Notes due November 2026 (C)   175,000   175,000 
 Vessel Facility Agreements   23,097   10,387 
  $635,597  $647,887 
 Debt discount and issuance costs   (10,357)  (10,791)
 Less: Current portion of long-term debt   (93,366)  (65,386)
 Total long-term debt  $531,874  $571,710 

       (A)  As of  June 30, 2025 and  December 31, 2024, the fair value (Level 3) of the Senior Secured Term Loan was $192.5 million and $218.2 million, respectively. The Level 3 fair value is derived from discounted present value calculations. 
    (B)  As of  June 30, 2025 and  December 31, 2024, the fair value (Level 1) of the 10.375% Senior Unsecured Notes due  July 2028 was $265.2 million and $266.1 million, respectively. The fair value is obtained from public transaction activity on the Nordic ABM exchange (XOAM).  
 (C)As of  June 30, 2025 and  December 31, 2024, the fair value (Level 1) of the 8.50% Senior Secured Notes due  November 2026 was $179.6 million and $180.8 million, respectively. The fair value is obtained from public transaction activity on the XOAM.

   On  July 7, 2025, all amounts outstanding, including accrued interest, under the Senior Secured Term Loan, the 10.375% Senior Unsecured Notes due  July 2028 and the 8.50% Senior Secured Notes due  November 2026 were redeemed and paid in full in conjunction with the issuance of the 2030 Notes described below.
    
   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 Tidewater