TIDEWATER INC (TDW): M&A transaction — Tidewater closes $580M acquisition of 37 PSVs from Solstad; secures $575M financing

TIDEWATER INC

Acquired 37 PSVs and related assets from Solstad Offshore for approx. $580M ($577M base + $3M initial adjustment).
Funded via $250M 10.375% senior unsecured notes due 2028 and $325M senior secured term loan maturing July 2026.
Term loan has $100M Tranche A (SOFR+5% to 8%) and $225M Tranche B (SOFR+3.75%); DNB Bank facility agent.
Acquisition creates the world's largest hybrid OSV fleet with 14 battery hybrid and 2 LNG capable vessels.
CEO Quintin Kneen says deal strengthens Tidewater's leadership position and brings together world's best OSV fleets.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

TIDEWATER INC completed an acquisition involving Solstad Offshore ASA subsidiaries for approximately $580.0 million (closed 2023-07-05).

Action: acquisition
Counterparty: Solstad Offshore ASA subsidiaries
Consideration: approximately $580.0 million
Closing: 2023-07-05

Exact text from the filing

On July 5, 2023, the Tidewater Parties and Sellers completed the Solstad Acquisition in exchange for an aggregate cash purchase price of approximately $580.0 million

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Source: SEC EDGAR

accession 0001104659-23-078507

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