DOWNLOAD THE MARINE LOG FEATURES CALENDAR FOR 2003

July 9, 2003 Tidewater announces $300 million debt issuance Tidewater Inc. has completed the issuance and funding of $300,000,000 of senior unsecured notes. The multiple series of notes with maturities ranging from 7 years to 12 years have an average outstanding life to maturity of 9.5 years, although the notes can be paid before maturity. The average interest rate on the notes sold to private institutional investors is 4.35 percent. Proceeds of $245,000,000 from the note sales will be used to refinance existing debt with the balance of the issue used to fund capital expenditures. "The ability to access capital markets under such favorable terms testifies to Tidewater's strong financial position and balance sheet," said Dean Taylor, Tidewater's president and chief executive officer. "Our ongoing fleet enhancement and replacement programs will be direct beneficiaries of this opportunity for long-term financing at historically low interest rates." Tidewater Inc. owns and operates over 550 vessels, the world's largest fleet of vessels serving the global offshore energy industry. Tell a friend: