Tidewater Midstream and Infrastructure Ltd T.TWM

Transactions to Fund Junior Debt Repayment

[Betteryear2]

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

CALGARY, Alberta, July 27, 2022 (GLOBE NEWSWIRE) -- Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Company”) (TSX: TWM) announces a financing plan to fully fund the repayment of its $125 million senior unsecured notes due December 19, 2022 (the “Senior Unsecured Notes”) and $20 million second lien term loan (the “Second Lien Term Loan”). The Company intends to use new capital sources as follows:

• $70 million draw on the Company’s senior credit facility that, through an expanded syndicate of lenders, the Company intends to increase in size to $550 million (the “Expanded Senior Credit Facility”);
• $40.5 million offering of units (“Units”) issued to the public on a bought deal basis (the “Public Offering”) at a price of $1.20 per Unit (the “Issue Price”), each Unit will be comprised of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one Common Share from the Company at a price of $1.44 per Common Share for a period of 24 months following the closing of the Public Offering; and
• $34.5 million offering of Units to affiliates of Birch Hill (as defined below), the Company’s largest shareholder, funds managed and advised by Kicking Horse Capital Inc. (respectively, the “Kicking Horse Funds” and "Kicking Horse"), and officers of the Company on a non-brokered private placement basis (the “Private Placement”), to be issued at the Issue Price and comprised of one Common Share and one-half of one Warrant.

Tidewater Midstream Announces Transactions to Fund Junior Debt Repayment and Provides Second Quarter 2022 Update

[fauxtomato]

What a scam this company turned out to be. Nothing says 'record results' like issuing equity to pay off debt.

[goodbuddy]

Nothing say's - That was a mistake, like an equity raise at a point when the stock porice hit it's near all time low.

[firstworld]

You have a bunch of poorly educated people on the board running the corp like it's their private bank there have been red flags on this company for years that's why the stock has performed so poorly. I sold it four years ago when I sat the supposed investment grade deals were unbankable, like now, and management getting bounsed to the moon. Just dump it now and buy something like AOI where