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Short-Term Borrowings

6 Months Ended

Jun. 30, 2025

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of June 30, 2025
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	—	$	60.0	$	60.0	Uncommitted	January 23, 2026
PNC Bank		44.6	$	23.4		68.0	Committed	January 31, 2027
CoBank, ACB		10.6		1.4		12.0	Committed	May 20, 2026
	$	55.2	$	84.8	$	140.0

In July 2025, Tidewater increased its line of credit with CoBank, ACB (CoBank) to $20.0 million and extended the renewal date to May 20, 2028.

The maturity dates for the Notes Payable as of June 30, 2025 are extendable at the discretion of the Company.

The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.

The weighted average interest rate on the outstanding borrowings at June 30, 2025 under these credit lines is 5.51%.

The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows:

	(In Thousands)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Average Daily Amounts Outstanding	$	47,018	$	62,934	$	38,304	$	56,463
Weighted Average Interest Rates		5.43%		6.43%		5.43%		6.42%