Tidewater to Raise Fund for Fleet Expansion

14 September 2010 (Last Updated September 14th, 2010 18:30)

Tidewater is planning to raise $425m in debt to help refinance borrowings and fund its vessel expansion programme. The maritime transport company said it will raise $310m through senior unsecured notes and $115m through private placements. The notes will mature in five to 12 years

Tidewater is planning to raise $425m in debt to help refinance borrowings and fund its vessel expansion programme.

The maritime transport company said it will raise $310m through senior unsecured notes and $115m through private placements.

The notes will mature in five to 12 years and will have a weighted average life to maturity of approximately nine years.

Tidewater will use some of the proceeds to refinance its $450m revolving credit facility, with the remaining invested in its on-going fleet enhancement programme and for general corporate purposes.