Tidewater gets $900 million amended and restated credit facility

By Angela McDaniels

Tacoma, Wash., June 25 - Tidewater Inc. closed on a $900 million five-year amended and restated credit facility on Friday, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The facility consists of a $600 million revolving credit facility and a $300 million term loan facility. Each matures on June 21, 2018.

The initial interest rate is Libor plus 137.5 basis points, and the commitment fee for the revolver is 20 bps. The interest rate ranges from Libor plus 125 bps to Libor plus 200 bps, and the commitment fee ranges from 15 bps to 30 bps. Both depend on leverage.

Bank of America, NA is the administrative agent, letter-of-credit issuer and swingline lender. Wells Fargo Bank, NA is the syndication agent. JPMorgan Chase Bank, NA, DNB Bank ASA, New York Branch, Bank of Tokyo-Mitsubishi UFJ, Ltd., BBVA Compass, Sovereign Bank, NA, Regions Bank and U.S. Bank NA are documentation agents.

Bank of America Merrill Lynch, Wells Fargo Securities LLC, JPMorgan Chase Bank, NA, DNB Markets, Inc. and Bank of Tokyo-Mitsubishi UFJ are the lead arrangers. Bank of America Merrill Lynch and Wells Fargo Securities are the book managers.

The revolver has a $100 million sublimit for standby letters of credit and a $30 million sublimit for swingline loans.

The revolver has a $250 million accordion feature. Any increase must be in a minimum amount of $50 million, and the feature may not be used more than four times.

The financial covenants require the company to maintain a consolidated funded debt-to-total capitalization ratio of no more than 0.55 times and a consolidated interest coverage ratio of at least 3 times.

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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