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TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES AN AGREEMENT TO SELL ITS PIPESTONE AND DIMSDALE ASSETS FOR $650 MILLION
TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES AN AGREEMENT TO SELL ITS PIPESTONE AND DIMS...
About this update from Tidewater Midstream & Infrastructure Ltd.
[{"type":"text","content":"\n \n \n \n TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES AN AGREEMENT TO SELL ITS PIPESTONE AND DIMSDALE ASSETS FOR $650 MILLION\n \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.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n (TSX: TWM)\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Aug. 31, 2023\n \n \n /CNW/ - Tidewater Midstream and Infrastructure Ltd. (\"Tidewater\" or the \"Corporation\") (TSX: TWM) is pleased to announce it has entered into an agreement with AltaGas Ltd. (\"AltaGas\") to sell its\n \n Pipestone\n \n natural gas plant (\"Pipestone Phase I\"),\n \n Pipestone\n \n expansion project (\"Pipestone Phase II\", collectively \"Pipestone\"), Dimsdale natural gas storage facility (\"Dimsdale\") and associated gathering and other infrastructure for\n \n $650 million\n \n (the \"Transaction\"), subject to customary post-closing adjustments.\n \n \n \n \n \n \n \n \n \n \"We believe the Transaction unlocks significant value for our shareholders while strengthening our balance sheet to better address opportunities across our diversified portfolio of energy and energy transition infrastructure assets,\" said\n \n Rob Colcleugh\n \n , Interim CEO of Tidewater.\n \n \n Tidewater expects to use net proceeds from the Transaction for general corporate purposes, including the repayment of amounts on its senior credit facility. Following the Transaction, the Corporation will continue to focus on surfacing value across its remaining midstream, downstream, and renewable fuels assets.\n \n \n \n TRANSACTION BENEFITS\n \n \n \n \n \n Improves Financial Strength and Liquidity\n \n \n \n \n Transaction de-levers Tidewater's balance sheet and provides significant financial flexibility\n \n \n Net of Transaction consideration, Tidewater expects to have minimal credit facility draws\n \n \n Tidewater will continue to take actions to improve corporate efficiency, profitability and cash flow per share\n \n \n \n \n Enhances Tidewater Value\n \n \n \n \n Highly accretive transaction metrics\n \n \n Following the successful turnaround of its\...