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Tidewater launches $250 million five-year notes with 10 3/8% coupon at 98.5 to 99, pricing Friday
By Paul A. Harris
Portland, Ore., June 23 – Tidewater Inc. launched its $250 million offering of five-year senior notes with a 10 3/8% coupon at 98.5 to 99, according to market sources.
The Rule 144A and Regulation S offering is expected to price on Friday.
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.
The prospective issuer is a Houston-based owner and operator of offshore support vessels for energy exploration, production, generation and offshore wind activities.
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