Short-term Borrowings

9 Months Ended

Sep. 30, 2025

The Company maintains lines of credit aggregating $148.0 million.


	(Millions)
	As of September 30, 2025							Line of Credit
	Outstanding		Available		Maximum		Credit Type	Expiration Date
Bank of America	$	10.0	$	50.0	$	60.0	Uncommitted	July 31, 2026
PNC Bank	28.2		$	39.8	68.0		Committed	January 31, 2027
CoBank, ACB	16.8		3.2		20.0		Committed	May 20, 2028
	$	55.0	$	93.0	$	148.0

In July 2025, Tidewater increased the maximum borrowing amount under its line of credit with CoBank, ACB (CoBank) to $20.0 million and extended the expiration date to May 2028.

In September 2025, the Company amended its line of credit with Bank of America and extended the expiration date to July 2026.

The maturity dates for the Notes Payable as of September 30, 2025 are all three months or less and 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 September 30, 2025 under these credit lines is 5.33%.

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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Average Daily Amounts Outstanding	$	61,664		$	23,476		$	46,205		$	44,620
Weighted Average Interest Rates	5.46		%	6.41		%	5.44		%	6.42		%