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.

Partagez:

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.

The Energy Transitions Commission warns of economic risks tied to growing protectionism around clean technologies, while calling for global consensus on carbon pricing.
Baker Hughes has reached an agreement to sell its precision sensor product line to Crane Company for $1.15bn, thereby refocusing its operations on core competencies in industrial and energy technologies.
The new mapping by Startup Nation Central identifies 165 active companies in Israel’s energy technologies, amid strong private funding and growing global market interest.
The new CEO of EDF, Bernard Fontana, aims to achieve €1 billion in operational cost savings for the French energy giant by 2030, prioritizing industrial contracts and the national nuclear sector.
CMS Energy Corporation has announced a cash tender offer for debt securities totalling $125 million, issued by Consumers Energy. The offer expires on July 3, 2025, with priority given to bonds submitted before June 17, 2025.
Vermilion Energy is exiting the U.S. market permanently by selling its assets for C$120mn ($87.88mn), refocusing its operations on Canada and Europe while reducing its debt and investment budget.
In 2024, Italian energy giant Eni paid approximately €8.4 billion to various global governments. These payments, primarily concentrated in Africa and Asia, reflect its commitments in the international energy sector.
The International Energy Agency projects a record-high global energy investment in 2025, driven by electricity and low-carbon technologies despite geopolitical and economic uncertainty.
The Czech regulatory authority launches an investigation into suspected collusion involving several major actors in the awarding of a thermal power plant, putting transparency of a strategic transaction for the energy sector at stake.
The Democratic Republic of Congo is set to replace its temporary ban on cobalt hydroxide exports with quotas, aiming to balance global demand, secure revenue, and stabilize market fluctuations.
European Energy secured EUR 145mn in financing from SEB and Swedbank to support wind, solar, and storage assets in Lithuania, reinforcing its regional expansion strategy.
Greenvolt Group finalised the sale of 28 solar and wind projects to Transiziona, valued at €195mn, bringing total asset sales to €530mn in 2025 as part of its pan-European strategy.
Royal Vopak’s Indian joint venture rose nearly 3% on its first trading day in Mumbai, reaching an implied valuation of €2.7bn ($2.93bn).
US investment fund Davidson Kempner has reached an agreement to acquire Swire Energy Services, a provider of offshore equipment, strengthening its position in the global energy market.
Saudi-based ACWA Power has signed strategic agreements in Malaysia to develop up to 12.5 GW of energy capacity by 2040, with a potential investment of $10 billion.
Fusion Fuel Green has signed a preliminary agreement to acquire a private UK-based fuel distribution company generating $58mn in revenue, through a £50mn debt-equity structured transaction.
ExxonMobil plans to sell its 82.89% stake in Esso S.A.F. to North Atlantic France, valuing shares based on €1.49bn cash holdings and a price subject to several adjustments.
Patrick Pouyanné reassures shareholders by confirming TotalEnergies' strategic direction, combining hydrocarbons and low-carbon electricity, despite an unstable economic environment and climate activist protests in Paris.
UK-based SSE recorded an adjusted operating profit of £2.42bn for fiscal year 2024/25, supported by record investments in networks and renewable energy.
Iberdrola has signed an agreement to acquire the distribution, supply and energy generation activities of Electra del Maestrazgo, a family-owned company operating in Castellón and Teruel, for an undisclosed amount.