Tidewater Midstream Announces Upsize to Convertible Debenture Underwritten Offering to $87 Million
May 29 2024 - 9:31AM
Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the
“Company”) (TSX: TWM) announced that the Company has agreed with
the syndicate of underwriters led by National Bank Financial
Markets (the “Underwriters”) to increase the size of its previously
announced convertible debenture offering. The Underwriters have
agreed to purchase, on a “bought deal” basis, $87 million principal
amount of convertible unsecured subordinated debentures (the
“Debentures”), at a price of $1,000 per Debenture, with an interest
rate of 8.00% per annum, payable semi-annually on the last day of
June and December, commencing on December 31, 2024 (the
“Offering”). The Debentures will mature on June 30, 2029.
Tidewater has also granted the Underwriters the
option to purchase up to $13.0 million principal amount of
additional Debentures, at a price of $1,000 per Debenture, to cover
over-allotments, if any, and for market stabilization purposes,
exercisable in whole or in part at any time until 30 days after the
closing of the Offering.
In all other respects, the terms of the Offering
and the use of proceeds therefrom will remain as previously
disclosed in the original press release dated May 28, 2024.
The securities offered have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. The press
release shall not constitute an offer to sell or the solicitation
of an offer to buy securities in the United States, nor shall there
be any offer, solicitation or sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
ABOUT TIDEWATER MIDSTREAM
Tidewater is traded on the TSX under the symbol
“TWM”. Tidewater’s business objective is to profitably grow and
create shareholder value in the North American natural gas, natural
gas liquids, crude oil, refined product, and renewable energy value
chain. Its operations include downstream facilities, natural gas
processing facilities, natural gas liquids infrastructure,
pipelines, storage, and various renewable initiatives. To
complement its infrastructure asset base, the Company also markets
crude, refined product, natural gas, natural gas liquids and
renewable products and services to customers across North America.
Tidewater is a majority shareholder of Tidewater Renewables.
Additional information relating to Tidewater is available on SEDAR+
at www.sedarplus.ca and at https://www.tidewatermidstream.com.
For further information please
contact:
Michael
GracherManager, Investor
RelationsTidewater Midstream and Infrastructure Ltd.Phone:
(403) 200-9142 |
Aaron
AmesInterim Chief Financial
OfficerTidewater Midstream and Infrastructure Ltd.Phone:
(403) 542-7205 |
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