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Tidewater Announces Closing of $75 Million Bought Deal Financing of Convertible Debentures
Tidewater Announces Closing of $75 Million Bought Deal Financing of Convertible Debentures...
About this update from Tidewater Midstream & Infrastructure Ltd.
[{"type":"text","content":"\n\n\n\nTidewater Announces Closing of $75 Million Bought Deal Financing of Convertible Debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Aug. 8, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO THE UNITED STATES/\n CALGARY, Aug. 8, 2019 /CNW/ - Tidewater Midstream and Infrastructure Ltd. (\"Tidewater\") (TSX:TWM)‎ is pleased to announce that it has closed its previously announced $75 million bought deal financing (the \"Offering\") of five-year convertible unsecured subordinated debentures (the \"Debentures\"). The Debentures have a coupon of 5.5 percent per annum, and a conversion price of $1.86 per ‎Tidewater common share (\"Common Share\").‎\n\n \n \n\n \nThe syndicate of underwriters was co-led by CIBC World Markets Inc. and National Bank Financial Inc. and included RBC Dominion Securities Inc., AltaCorp Capital Inc., Cormark Securities Inc., Scotia Capital Inc., ‎Macquarie Capital Markets Canada Ltd., Canaccord Genuity Corp., GMP Securities L.P., Raymond ‎James Ltd., Beacon Securities Limited, Haywood Securities Inc., Industrial Alliance Securities Inc., ‎Desjardins Securities Inc. and Paradigm Capital Inc.  \nNet proceeds from the Offering will initially be used to fund the $14 million initial cash payment related to the previously-announced acquisition from Pipestone Energy Corp. of a 100% working interest in a strategic 30 MMcf/d raw gas compression, 5,400 bbls/d condensate ‎handling and associated water disposal battery (the \"Pipestone East Battery\"). The remaining proceeds will be used to repay indebtedness under ‎Tidewater's credit facilities, which are then expected to be utilized to fund the $16 million remaining maximum commitment for the Pipestone East Battery, to expand liquids ‎handling equipment at Tidewater's Pipestone gas plant, and for general corporate purposes. \nThe Debentures, and the Common Shares issuable on maturity, conversion or redemption thereof, ‎have not and will not be registered under the U.S. Securities Act of 1933, as amen...