Tidewater Midstream Announces $75 Million Convertible Debenture Underwritten Offering and Intention to Redeem Existing Convertible Debentures Due September 30, 2024
CALGARY, Alberta, May 28, 2024 (GLOBE NEWSWIRE) -- Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Company”) (TSX: TWM) announced today a public offering (the “Offering”), on a “bought deal” basis, of $75 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 Debentures will mature on June 30, 2029.
- The Debentures will be convertible at the holder’s option into common shares in the capital of the Company (“Shares”) at a conversion price of $0.78 (the “Conversion Price”).
- The Company shall provide not more than 60, nor less than 30 days’ prior notice of redemption.
- Tidewater intends to use the net proceeds from the Offering to redeem (the “Redemption”) $75 million principal amount of its 5.50% convertible unsecured subordinated debentures due September 30, 2024 (the “2019 Debentures”).
- The Shelf Prospectus and Prospectus Supplement will contain important detailed information about the Company and the proposed Offering.