Tidewater Midstream completes C$100 million convertible debenture underwritten offering

On June 4, 2024, Tidewater Midstream and Infrastructure Ltd. ("Tidewater") announced the completion of its previously announced public offering of C$100 million principal amount of convertible unsecured subordinated debentures (including C$13 million principal amount of additional debentures issued pursuant to the exercise in full of an over-allotment option) at a price of C$1,000 per debenture.

Sold to a syndicate of underwriters led by National Bank Financial Inc., on a "bought deal" basis, the debentures bear interest at a rate of 8.00% per annum, are payable semi-annually on the last day of June and December (commencing December 31, 2024), and mature on June 30, 2029. They are convertible at the holder's option into common shares in the capital of Tidewater at a conversion price of $0.78 and are not redeemable before June 30, 2027.

Proceeds from the offering will be used to redeem C$75 million principal amount of Tidewater’s 5.50% convertible unsecured subordinated debentures due September 30, 2024, with the remaining net proceeds to be used for general corporate purposes.

Further information can be found on Canada Newswire’s website.

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.