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Tidewater Midstream and Infrastructure Ltd T.TWM

Alternate Symbol(s):  TWMIF | T.TWM.DB.A

Tidewater Midstream and Infrastructure Ltd. is a diversified midstream and infrastructure company with an integrated value chain across North American natural gas, natural gas liquids (NGLs), crude oil, refined product, and renewable energy markets. The Company's operations include downstream facilities, natural gas processing facilities, NGLs infrastructure, pipelines, storage, and various renewable initiatives. It also markets crude, refined products, natural gas, NGLs and renewable products and services to customers across North America. Its key midstream assets include the Brazeau River Complex and Fractionation Facility (BRC), a full-service natural gas and NGL processing facility with natural gas storage pools, and the Ram River Gas Plant, a sour natural gas processing facility with sulfur handling solutions and rail connections. Its key downstream asset is the Prince George Refinery (PGR), the sole light oil refinery within the interior British Columbia market.


TSX:TWM - Post by User

Comment by goodbuddyon Dec 20, 2017 9:39pm
129 Views
Post# 27201348

RE:Private placement of notes

RE:Private placement of notesDo we know if these notes are easily converted to common share, sometimes in the future?
That would be nice to know!

fauxtomato wrote: The offering + the increased debt covenant should allow them to be able to fund the two major growth projects with retained cashflow + debt, without the need for additional equity. Adds about $8.5M in annual interest costs, plus the initial $5M transaction cost that will be recognized in Q4.

Great to see them get some capital breathing room as TWM prepares for incredible capital spends in 2018 (relative to size that is). Looks like I was proved wrong on my call for an imminent equity raise. Though I expect any further capital announcements will require equity

https://web.tmxmoney.com/article.php?newsid=5899117597973249&qm_symbol=TWM

Senior Unsecured Note Offering

Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX:TWM) is pleased to announce that it has agreed to issue $125 million of 6.75% senior unsecured notes due December 19, 2022 (the “Notes”) by way of private placement (the “Private Placement”). The Notes will be issued at a price of $994.79 per $1,000 principal amount. The Private Placement is expected to close December 19, 2017, subject to the satisfaction of customary closing conditions.
 

Amendment to Credit Facility

Tidewater has amended its existing credit facility to allow for the Private Placement which includes an amendment to its consolidated debt/EBITDA covenant to 4.5x and the introduction of a consolidated senior debt/EBITDA covenant of 3.5x.



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