Altera Infrastructure Announces Securities Repurchase Program

PEMBROKE, Bermuda, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Altera Infrastructure GP LLC (ALIN GP), the general partner of Altera Infrastructure L.P. (Altera Infrastructure or the Partnership), today announced its board of directors (the Board) has authorized repurchases of the Partnership’s outstanding 8.50% Senior Notes due 2023 and Series A, B and E Preferred Units through open market purchases, privately negotiated transactions and/or pursuant to Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The timing, volume, and nature of any repurchases will be determined by management, in consultation with the Board, based on evaluation of the capital needs of the business, trading prices, applicable legal requirements, and other factors. The Partnership currently expects to fund the repurchase program from cash on hand and/or drawings under its revolving credit facility with Brookfield Business Partners LP and its affiliates (collectively, Brookfield), which Brookfield has agreed to increase in an amount equivalent to the total amount invested by the Partnership in the aforementioned repurchase program.

Forward Looking Statements

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including, among others, the Partnership’s strategic plans relating to liquidity. Factors that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement, include unanticipated market volatility (such as volatility resulting from the recent COVID-19 outbreak), levels of expenses and access to capital and other factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2019. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

About Altera Infrastructure

Altera Infrastructure L.P. is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in the offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Altera Infrastructure has as per second quarter 2020 consolidated assets of approximately $4.8 billion, comprised of 52 vessels, including floating production, storage and offloading (FPSO) units, shuttle tankers (including five newbuildings), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and a unit for maintenance and safety (UMS). The majority of Altera Infrastructure’s fleet is employed on medium-term, stable contracts.

Altera Infrastructure’s preferred units trade on the New York Stock Exchange under the symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”, respectively.

For Investor Relations enquires contact:
Jan Rune Steinsland, Chief Financial Officer

Tel: +47 97 05 25 33
E-mail: [email protected]