Tidewater gets $575 million amended and restated credit facility

By Sara Rosenberg

New York, Feb. 2 - Tidewater Inc. closed on a $575 million five-year amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Bank of America, JPMorgan, Wells Fargo and DNB NOR acted as the co-lead arrangers on the deal that was completed on Jan. 27, with Bank of America the bookrunner.

The facility consists of a $450 million revolver and a $125 million delayed-draw term loan, which may be borrowed within 180 days from closing.

Pricing on the facility can range from Libor plus 150 basis points to 225 bps based on funded debt to capitalization.

The revolver provides for a $250 million accordion feature.

Covenants include a funded debt to capitalization ratio and an interest coverage ratio.

Tidewater is a New Orleans, La.-based provider of offshore service vessels and marine support services to the offshore energy industry.

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