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Subsequent Events | 12 Months Ended
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Mar. 31, 2015
Subsequent Events |
(19) |  | SUBSEQUENT EVENTS
In May 2015, the company’s Board of Directors authorized an extension of its current common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. If shares are purchased in open market or privately-negotiated transactions pursuant to this share repurchase program, the company will use its available cash and/or borrowings under its revolving credit facility or other borrowings to fund any share repurchases. As of March 31, 2015, the company had $100 million remaining authorized under this repurchase program available to repurchase shares. The company evaluates share repurchase opportunities relative to other investment opportunities and in the context of current conditions in the credit and capital markets. In May 2015, the company amended and extended its existing credit facility. The amended credit agreement matures in June 2019 and provides for a $900 million, five-year credit facility consisting of a (i) $600 million revolving credit facility and a (ii) $300 million term loan facility. In May 2015, Troms Offshore entered into a $31.3 million, U.S. dollar denominated, 12 year unsecured borrowing agreement which matures in April 2027 and is secured by a company guarantee. The loan requires semi-annual principal payments of $1.3 million (plus accrued interest) and bears interest at a fixed rate of 2.92% plus a premium based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 1.30% for a total rate of 4.22%). On April 23, 2015, the company notified the international shipyard constructing the six 7,145 BHP towing-supply-class vessels that it was terminating the first three of the six towing-supply vessels as a result of late delivery and requested the return of $36.1 million in aggregate installment payments together with interest on these installments, or all but approximately $1 million of the carrying value of the accumulated costs through March 31, 2015. In May 2015, the company made a demand on the Bank of China refundment guarantees that secure the return of these installments. It is uncertain whether this shipyard or the Bank of China will contest the return of these installments. There was an aggregate $12.7 million in estimated remaining costs to be incurred on these three vessels at the time of the termination. After March 31, 2015, the company entered into negotiations with the Chinese shipyard constructing two of the 275-foot deepwater PSVs to resolve issues associated with the delivery of these vessels. In May 2015, the parties settled these issues to their mutual satisfaction. (While the settlement is subject to the issuance by the Bank of China of modified refundment guarantees, the company believes this condition will likely be satisfied.) Under the terms of the settlement, the company can elect to take delivery of one or both completed vessels at any time prior to June 30, 2016. That date is subject to two six month extension periods, each extension requiring the mutual consent of the company and shipyard. If the company does not elect to take delivery of one or both vessels prior to June 30, 2016 (as that date may be extended), (a) the company is entitled to receive the return of $5.4 million in aggregate installment payments per vessel together with interest on these installments (or all but approximately $1 million of the company’s carrying value of the accumulated costs per vessel through March 31, 2015) and (b) the company will be relieved of the obligation to pay to the shipyard the $21.7 million remaining payment per vessel. The shipyard’s obligation to return the $5.4 million (plus interest) per vessel if the company elects not to take delivery of one or both vessels will continue to be secured by Bank of China refundment guarantees.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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