Tidewater Inc. [NYSE: TDW] revealed that it is contemplating offering USD denominated 5-year senior secured bonds, conditional upon the market and other terms. Tidewater declared that the bonds will be privately placed in the US in accord with U.S. securities laws and sold outside the United States in accordance with Regulation S under the Securities Act of 1933.
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Tidewater disclosed that it has decided to use the net profit from the bond issue towards refinancing of the Company’s unpaid debt and for general business purposes. Furthermore, the bonds have not been listed under the Securities Act of 1933 or any state securities laws and may not be presented or sold in the US in the absence of registration or an applicable immunity from the registration obligations of the Securities Act of 1933 and applicable state laws.
Tidewater Inc. [NYSE: TDW] shares surged 2.82% during the trading session of Thursday. Tidewater Inc. [NYSE: TDW] share price went from a low point around $5.41 to briefly over $15.92 in the past 52 weeks, though shares have since pulled back to $12.75. TDW has recorded a market cap of $508.60 million at the time of writing.
Tidewater has earned a reputation as an owner of one of the largest fleets of offshore support vessels in the industry. It holds more than 65 years of experience backing offshore energy exploration, production, generation, and offshore wind activities all around the globe.
