By Lisa Kerner
Charlotte, N.C., Aug. 17 - Tidewater Inc. and its subsidiaries issued a total of $165 million of senior notes in three series under two separate but similar note purchase agreements dated Aug. 15, according to a form 8-K filing with the Securities and Exchange Commission.
The company sold the following notes to institutional investors:
• $50 million of 4.06% notes, series 2011-A, due March 31, 2019;
• $50 million of 4.64% notes, series 2011-B, due June 30, 2021; and
• $65 million of 4.54% notes, series 2011-C, due June 30, 2021.
The notes have a make-whole call at Treasuries plus 50 basis points.
Proceeds from the sale will be used for general corporate purposes and to fund Tidewater's ongoing fleet renewal and expansion program.
The series A and series B notes were sold under the same purchase agreement to Prudential Insurance Co. of America, Prudential Retirement Insurance and Annuity Co., Gibraltar Life Insurance Co., Ltd., Zurich American Insurance Co., Farmers New World Life Insurance Co. and Modern Woodmen of America.
Series C purchasers include Life Insurance Co. of North America, Connecticut Life Insurance Co., Allianz Life Insurance Co. of North America, State Farm Life Insurance Co., State Farm Life and Accident Assurance Co., United of Omaha Life Insurance Co. and Modern Woodmen of America.
Tidewater is a New Orleans-based provider of offshore service vessels and marine support services to the offshore energy industry.
| Issuer: | Tidewater Inc.
|
| Issue: | Senior notes
|
| Amount: | $165 million
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Settlement date: | Aug. 15
|
| Distribution: | Private placement
|
|
|
| Series 2011-A notes
|
| Amount: | $50 million
|
| Maturity: | March 31, 2019
|
| Coupon: | 4.06%
|
| Purchasers: | Prudential Insurance Co. of America, Prudential Retirement Insurance and Annuity Co., Gibraltar Life Insurance Co., Ltd., Zurich American Insurance Co., Farmers New World Life Insurance Co., Modern Woodmen of America
|
|
|
| Series 2011-B notes
|
| Amount: | $50 million
|
| Maturity: | June 30, 2021
|
| Coupon: | 4.64%
|
| Purchasers: | Prudential Insurance Co. of America, Prudential Retirement Insurance and Annuity Co., Gibraltar Life Insurance Co., Ltd., Zurich American Insurance Co., Farmers New World Life Insurance Co., Modern Woodmen of America
|
|
|
| Series 2011-C notes
|
| Amount: | $65 million
|
| Maturity: | June 30, 2021
|
| Coupon: | 4.54%
|
| Purchasers: | Life Insurance Co. of North America, Connecticut Life Insurance Co., Allianz Life Insurance Co. of North America, State Farm Life Insurance Co., State Farm Life and Accident Assurance Co., United of Omaha Life Insurance Co., Modern Woodmen of America
|
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