XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.8.0.1

INDEBTEDNESS | 6 Months Ended
--- | ---
Sep. 30, 2017
Debt Disclosure [Abstract] |
INDEBTEDNESS | (8)INDEBTEDNESS The following is a summary of all debt outstanding at September 30, 2017 and March 31, 2017:
|  | Successor |  |  |  | Predecessor |
|  | September 30, |  |  |  | March 31, |
(In thousands) |  | 2017 |  |  |  | 2017 |
Term loan (A) |  | $ | — |  |  |  |  | 300,000 |
Revolving line of credit (A) (B) |  |  | — |  |  |  |  | 600,000 |
September 2013 senior unsecured notes (A) |  |  | — |  |  |  |  | 500,000 |
August 2011 senior unsecured notes (A) |  |  | — |  |  |  |  | 165,000 |
September 2010 senior unsecured notes (A) |  |  | — |  |  |  |  | 382,500 |
New secured notes (A) |  |  | 350,000 |  |  |  |  | — |
New secured notes - premium |  |  | 14,987 |  |  |  |  | — |
Troms Offshore borrowings: |  |  |  |  |  |  |  |  |
May 2015 notes (C) |  |  | 26,115 |  |  |  |  | 27,421 |
May 2015 notes - discount |  |  | (1,927 | ) |  |  |  | — |
March 2015 notes (C) |  |  | 23,345 |  |  |  |  | 24,573 |
March 2015 notes - discount |  |  | (1,755 | ) |  |  |  | — |
January 2014 notes (C) (D) |  |  | 26,687 |  |  |  |  | 26,167 |
January 2014 notes - discount |  |  | (1,707 | ) |  |  |  | — |
May 2012 notes (C) (D) |  |  | 14,980 |  |  |  |  | 14,864 |
May 2012 notes - premium |  |  | 126 |  |  |  |  | — |
|  |  | 450,851 |  |  |  |  | 2,040,525 |
Less: Deferred debt issue costs |  |  | — |  |  |  |  | 6,401 |
Less: Current portion of long-term debt |  |  | 5,174 |  |  |  |  | 2,034,124 |
Total long-term debt |  | $ | 445,677 |  |  |  |  | — |
(A) | As of September 30, 2017 the fair value (Level 2) of the New Secured Notes was $357.7 million. As of March 31, 2017 the aggregate fair value (Level 2) of the term loan, revolver and senior notes was $1.1 billion.
(B) | The revolver was fully drawn at March 31, 2017.
(C) | Notes require semi-annual principal and interest payments. As of September 30, 2017 and March 31, 2017, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $90.9 million and $92.9 million, respectively.
(D) | Notes are denominated in Norwegian kroner (NOK)
New Secured Notes On July 31, 2017, pursuant to the terms of the Plan, the company entered into an indenture (the “Indenture”) by and among the company, the wholly-owned subsidiaries named as guarantors therein (the “Guarantors”), and Wilmington Trust, National Association, as trustee and collateral agent (the “Trustee”), and issued $350 million aggregate principal amount of the company’s new 8.00% Senior Secured Notes due 2022 (the “New Secured Notes”). The New Secured Notes will mature on August 1, 2022. Interest on the New Secured Notes will accrue at a rate of 8.00% per annum payable quarterly in arrears on February 1, May 1, August 1, and November 1 of each year in cash, beginning November 1, 2017. The New Secured Notes are secured by substantially all of the assets of the company and its Guarantors. The New Secured Notes have minimum interest coverage requirement (EBITDA/Interest), for which compliance will first be measured for the twelve months ending June 30, 2019. Minimum liquidity requirements and other covenants are set forth in the Indenture. The Indenture also contains certain customary events of default. Until terminated under the circumstances described in this paragraph, the New Secured Notes and the guarantees by the Guarantors will be secured by the Collateral (as defined in the Indenture) pursuant to the terms of the Indenture and the related security documents. The Trustee’s liens upon the Collateral and the right of the holders of the New Secured Notes to the benefits and proceeds of the Trustee’s liens on the Collateral will terminate and be discharged in certain circumstances described in the Indenture, including: (i) upon satisfaction and discharge of the Indenture in accordance with the terms thereof; or (ii) as to any Collateral of the company or the Guarantors that is sold, transferred or otherwise disposed of by the company or the Guarantors in a transaction or other circumstance that complies with the terms of the Indenture, at the time of such sale, transfer or other disposition. The company is obligated to offer to holders of the New Secured Notes under the Indenture to repurchase the New Secured Notes at par in amounts of up to 100% of asset sale proceeds depending upon the types of assets sold as defined in the Indenture. Modifications to Troms Offshore Borrowings Concurrent with the July 31, 2017 Effective Date of the Plan, the Troms Offshore credit agreement was amended and restated to (i) reduce by 50% the required principal payments due from the Effective Date through March 31, 2019, (ii) modestly increase the interest rates on amounts outstanding through April 2023, and (iii) provide for security and additional guarantees, including (a) mortgages on six vessels and related assignments of earnings and insurances, (b) share pledges by Troms Offshore and certain subsidiaries of Troms Offshore, and (c) guarantees by certain subsidiaries of Troms Offshore. The Troms Offshore borrowings continue to require semi-annual principal payments and bear interest at fixed rates based, in part, on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio. As of September 30, 2017, the weighted average interest rate of the four tranches of Troms Offshore borrowings was 5.01%. Debt Costs The company capitalizes a portion of its interest costs incurred on borrowed funds used to construct vessels. The following is a summary of interest and debt costs incurred, net of interest capitalized:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | July 1, 2017 |  |  | Three Months |
|  | through |  |  |  | through |  |  | Ended |
(In thousands) |  | September 30, 2017 |  |  |  | July 31, 2017 |  |  | September 30, 2016 |
Interest and debt costs incurred, net of interest capitalized |  | $ | 5,240 |  |  |  |  | 574 |  |  |  | 18,477 |
Interest costs capitalized |  |  | — |  |  |  |  | — |  |  |  | 1,101 |
Total interest and debt costs |  | $ | 5,240 |  |  |  |  | 574 |  |  |  | 19,578 |
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  | Six Months |
|  | through |  |  |  | through |  |  | Ended |
(In thousands) |  | September 30, 2017 |  |  |  | July 31, 2017 |  |  | September 30, 2016 |
Interest and debt costs incurred, net of interest capitalized |  | $ | 5,240 |  |  |  |  | 11,179 |  |  |  | 35,431 |
Interest costs capitalized |  |  | — |  |  |  |  | — |  |  |  | 2,494 |
Total interest and debt costs |  | $ | 5,240 |  |  |  |  | 11,179 |  |  |  | 37,925 |
The company recognized interest expense incurred subsequent to its Chapter 11 filing date only to the extent that such interest was paid during the proceedings or that it was an allowed claim. Accrued interest on the term loan, revolving line of credit and senior notes subsequent to the Petition Date was not an allowed claim in the Plan; therefore, the company did not record interest expense subsequent to that date. Had the term loan, revolving line of credit and senior notes not been compromised by the Plan, interest expense from April 1, 2017 through the Effective Date of July 31, 2017 would have been approximately $27 million.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration