Deal description: Tidewater Inc. (NYSE: TDW) (“Tidewater”) on November 10, 2022, announced the closing of the registered underwritten public offering of 3,987,914 shares of its common stock. Morgan Stanley & Co. LLC acted as the sole underwriter and book-running manager in the offering.

Tidewater used all the net proceeds from the offering (before expenses) to repurchase from Banyan Overseas Limited, a subsidiary of Hong Kong based Swire Pacific Limited (“Banyan”), 3,987,914 warrants exercisable for shares of Tidewater’s common stock (“Warrants”). The Warrants were among 8,100,000 Warrants issued to Banyan in connection with Tidewater’s acquisition of all the issued and outstanding shares of Swire Pacific Offshore Holdings Limited (now known as Tidewater Offshore Holdings Limited) from Banyan.

Baker Botts represented Swire Pacific Limited and Banyan in connection with the offering of common stock and sale of Warrants.

Tidewater’s offering launch press release can be found here and the US Securities and Exchange Commission Form 8-K filing is here.

Baker Botts Lawyers/Offices:

Mergers and Acquisitions and Securities: Arman Kuyumjian (Partner, New York), Adorys Velazquez (Partner, New York)

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