Tidewater enters guarantee agreement for BNDES construction loans
Tidewater Inc., a publicly traded company (NYSE:TDW), has recently entered into a Guarantee Agreement with Brazil's BNDES, as disclosed in a Securities and Exchange Commission filing. This agreement pertains to a set of construction loans known as the BNDES Construction Loans, which were initially established between 2007 and 2012 under various credit facility agreements.
These loans were originally managed by Wilson Sons Offshore S.A., which is now known as Tidewater do Brasil S.A., an indirect wholly owned subsidiary of Tidewater. Wilson Sons S.A. and Remolcadores Ultratug Limitada previously acted as guarantors for these loans.
In the context of the guarantee, Tidewater's obligation is classified as unsecured, holding equal payment priority alongside the company's other unsecured and unsubordinated obligations, provided certain limitations are met. The company is currently collaborating with BNDES to finalize the documentation that will relieve Wilson Sons S.A. and Remolcadores Ultratug Limitada from their roles as guarantors on the BNDES Construction Loans.
The specifics of the agreement are outlined in an exhibit to the SEC filing. Tidewater has directed stakeholders to its previous SEC filing from August 31, 2026, for additional information regarding the BNDES Construction Loans.
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