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Tidewater raises $100 million in convertible debentures and announces a buyout

Tidewater Midstream and Infrastructure Ltd. strengthens balance sheet with convertible debenture issue and partial redemption of previous issue.
Tidewater consolide ses ressources financières.

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Tidewater Midstream and Infrastructure Ltd (TSX: TWM), a diversified North American energy company, announced the closing of its public offering of $100 million convertible unsecured subordinated debentures. The transaction includes the full exercise of the $13 million over-allotment option by the underwriters.

Attractive terms for the new debentures

The new debentures, issued at a price of $1,000 each, carry a coupon of 8.00% per annum, with semi-annual payments in arrears on June 30 and December 31, starting December 31, 2024. They will mature on June 30, 2029. Holders will be able to convert their securities into Tidewater common shares at a conversion price of $0.78. The debentures will not be redeemable before June 30, 2027.

Partial redemption of the 2019 issue

At the same time, Tidewater will redeem on July 9 $75 million of its 5.50% convertible subordinated debentures due September 30, 2024, issued in 2019. The balance of the net proceeds from the new issue, after this partial buyback, will be used for general corporate purposes, in particular to temporarily reduce the company’s bank debt pending specific allocations. The banking syndicate for the transaction was led by National Bank Financial Inc. and the issue has not been registered under the U.S. Securities Act of 1933.

A diversified energy profile

Tidewater operates along the entire North American value chain for natural gas, natural gas liquids, crude oil, refined products and renewable energies. Its objective is to develop its activities profitably by creating value for its shareholders. Its scope includes downstream facilities, natural gas processing plants, natural gas liquids assets, pipelines, storage and various renewable energy projects. In addition, the Group markets crude oil, refined products, natural gas, natural gas liquids and renewable energy products and services to customers throughout North America. This latest issue illustrates Tidewater’s ability to access long-term financial resources to support the development of its businesses, while optimizing the cost and structure of its debt. The Group consolidates its status as a major player in the North American energy sector, present in all segments and with a balanced portfolio of assets.

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