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Tidewater Drops After Pricing Equity Offering At 9% Discount

Published 09/11/2022, 10:51
Updated 09/11/2022, 12:10
© Reuters. Tidewater Drops After Pricing Equity Offering At 9% Discount
TDW
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  • Tidewater Inc (NYSE: 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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