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Alberta Investment Management Corporation Makes Strategic $150 Million Investment in Tidewater Renewables
Alberta Investment Management Corporation Makes Strategic $150 Million Investment in Tide...
About this update from Tidewater Renewables Ltd.
[{"type":"text","content":"\n \n \n \n Alberta Investment Management Corporation Makes Strategic $150 Million Investment in Tidewater Renewables\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Oct. 24, 2022\n \n \n /CNW/ - Tidewater Renewables Ltd. (\"\n \n Tidewater Renewables\n \n \" or the \"\n \n Corporation\n \n \") (TSX: LCFS) and Alberta Investment Management Corporation (\"\n \n AIMCo\n \n \") are pleased to announce the closing of a\n \n $150 million\n \n five-year senior secured second lien credit facility (the \"\n \n AIMCo Facility\n \n \") with an affiliate of AIMCo, on behalf of certain of its clients.\n \n \n The AIMCo Facility's term is five years, maturing on\n \n October 24, 2027\n \n and at closing was drawn down by way of a single advance with net proceeds reflecting a 5% original issue discount. The AIMCo Facility will bear initial interest of 6.50% per annum (the \"\n \n Base Interest Rate\n \n \"), payable semi-annually. The Base Interest Rate will increase by 37.5 basis points in year four and five and is subject to certain inflation escalators, with a potential maximum cash coupon of approximately 8.50% by year five. As part of the AIMCo Facility, Tidewater Renewables issued 3.375 million warrants to AIMCo (the \"\n \n AIMCo Warrants\n \n \").  Each AIMCo Warrant entitles AIMCo to purchase one common share (\"\n \n Common Share\n \n \") of Tidewater Renewables at a price per share of\n \n $14.84\n \n , for a term of five years. The exercise price reflects a 50% premium to the 10-day volume weighted average trading price of the Common Shares prior to closing of the AIMCo Facility. The AIMCo Warrants have a cashless exercise feature, which, if elected, can limit future dilution as in such circumstances only Common Shares for the in-the-money value of the Warrants are issued.\n \n \n Proceeds of the AIMCo Facility will be used by Tidewater Renewables to repay 100% of the outstanding drawn credit under the Corporation's senior credit facility, repay 100% of the outstanding drawn credit on the pr...