Tidewater Drops After Pricing Equity Offering At 9% Discount

Tidewater Inc TDW priced the registered underwritten public offering of 3.98 million shares at a public offering price of $30.25 per share.
The offer price represents a 9.2% discount from the company’s closing price on November 8, 2022.
The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be about $120.6 million.
The company will use the net proceeds to repurchase from Banyan Overseas Limited a number of warrants exercisable for shares of Tidewater, equal to the number of shares of the company sold in the offering.
The offering is expected to close on November 10, 2022.
Price Action: TDW shares are trading lower by 6.30% at $31.22 in premarket on the last check Wednesday.