RE:RE:RE:RE:RE:RE:RE:Renewables IPO Timing - August + $585 million to TWMSold 100% at 1.29 same time. No regrets, just profits. GLTA. I'll see where the dust settles after the spin off ipo.
Over the last several years of my TWM rollercoaster ride I've never wanted to be entirely out, it was always possible that a 'We're going private at a 30% premium' announcement would be around the corner. Now, with this spin off being so entangled in TWM's business that one day pay out seems less likely, but a slow grind higher seems more assured.
These footnotes man, I know there is a business here they're trying to build and need to plant some seeds, but:
Approximate anticipated Run Rate EBITDA from Acquired Assets is comprised of the following components; there are no other revenue generating contracts between Tidewater Midstream and Tidewater Renewables:
(a) PGR Tankage Assets & Interest— Tidewater Midstream has agreed to pay a monthly fee to Tidewater Renewables of $1.50 per barrel on 200,000 bbl/d of capacity
and assume any flow-through operating costs (equivalent to $3.6 million Run Rate EBITDA);
(b) PGR Truck & Rail Rack Interest — Tidewater Midstream has agreed to pay a fee to Tidewater Renewables of $0.75 per barrel on 10,000 bbls/d of capacity and assume any flow though operating costs (equivalent to $2.7 million Run Rate EBITDA);
(c) Unifiner Reactor Interest — Tidewater Midstream has agreed to pay a fee to Tidewater Renewables of $16.00 per barrel on 2,250 bbl/d of capacity and assume any flow though operating costs (equivalent to $13.1 million Run Rate EBITDA);
(d) Steam Methane Reformer — Tidewater Midstream has agreed to consume the hydrogen produced by the Steam Methane Reformer and in its overall refining process of approximately 4,000 mcf/d for a fee of approximately $6.45 per mcf and assume any flow though operating costs (equivalent to $9.4 million Run Rate EBITDA);
(e) Water Treatment & Electrical Facilities Interest — Tidewater Midstream has agreed to pay a fee to Tidewater Renewables for the Water Treatment & Electrical Facilities Interest of approximately $0.66 per barrel on 11,400 bbl/d of capacity and assume any flow-though operating costs (equivalent to $2.7 million Run Rate EBITDA); and
(f) Renewable Storage Reservoir Assets — Tidewater Renewables has agreed to receive contracted revenue from the Renewable Storage Reservoir as part of the Acquired Assets. Tidewater Midstream has agreed to pay a fee of approximately $1.40/mcf on 11,400 mcf/d for use of the storage reservoirs in addition to revenue Tidewater Renewables is expected to receive from its existing third-party gas storage customer, of approximately $2 million (aggregate equivalent to $8.1 million Run Rate EBITDA).