Tidewater launches $250 million 10 3/8% five-year notes at 99 to yield 10 5/8%

By Paul A. Harris

Portland, Ore., June 23 – Tidewater Inc. launched a $250 million offering of 10 3/8% five-year senior notes at 99 to yield 10 5/8%, according to a market source.

The coupon launched on top of coupon talk. The price launched at the rich end of the 98.5 to 99 price talk. Initial yield talk was 10¾% to 11%.

Final terms on the Rule 144A and Regulation S deal were expected on Friday. However, they were unavailable at press time.

The notes come with two years of call protection.

DNB, Clarkson and Fearnley are the leads.

Proceeds will be used to help finance the acquisition of 37 platform supply vessels from Solstad Offshore ASA and for corporate purposes.

Tidewater is a Houston-based owner and operator of offshore support vessels for energy exploration, production, generation and offshore wind activities.

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