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Tidewater Marine Services Watch

Marine repair and dockage · Loan + revenue share · $7.5M deployed · Last report Oct 13

Covenants

All 4 passingTightest: minimum cash, 12.0% roomAs of Sep 30 · monthly, certified quarterly

Minimum cash

Passing
Required
Actual
≥ $1.25M
$1.4M
Room left12%
  • Lowest point ahead: $1.1M on Dec 11.
  • The plan dips under the minimum for one week.

Net leverage

Passing
Required
Actual
≤ 5.75x
4.90x
Room left14.8%
  • Earnings can fall $0.5M before a breach.
  • No breach expected in the base plan.

Debt service coverage

Passing
Required
Actual
≥ 1.20x
1.38x
Room left15%
  • Earnings can fall $0.5M before a breach.
  • No breach expected in the base plan.

Equipment spending

Passing
Required
Actual
≤ $1.0M / yr
$0.7M
Room left30%
  • $0.3M left this year.
  • Crane service is the main planned spend.

Compliance certificates

  • Q3 compliance certificate
    Due Nov 14 (45 days after quarter end)
    In draft
  • Q2 compliance certificate
    Filed Aug 14
    Accepted
  • Q1 compliance certificate
    Filed May 13
    Accepted

What could change this

  • A slow December could take cash under the $1.25M minimum for two weeks.
  • Ending related-party payments without approval protects about $0.2M a year.
  • Insurance proceeds of $0.2M, if paid early, restore the cash cushion.

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