TIDEWATER MIDSTREAM COMPLETES $100 MILLION CONVERTIBLE DEBENTURE UNDERWRITTEN OFFERING AND ANNOUNCES REDEMPTION OF CONVERTIBLE DEBENTURES DUE SEPTEMBER 30, 2024
/NOT FOR DISSEMINATION TO
(TSX: TWM)
The Debentures are convertible at the holder's option into common shares in the capital of the Company ("Shares") at a conversion price of
The Debentures were sold to a syndicate of underwriters (the "Underwriters") led by National Bank Financial Inc. on a "bought deal" basis. Tidewater granted the Underwriters the option to purchase up to
Tidewater also announced today that it will redeem
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in
Tidewater is traded on the TSX under the symbol "TWM". Tidewater's business objective is to profitably grow and create shareholder value in the North American natural gas, natural gas liquids, crude oil, refined product, and renewable energy value chain. Its operations include downstream facilities, natural gas processing facilities, natural gas liquids infrastructure, pipelines, storage, and various renewable initiatives. To complement its infrastructure asset base, the Company also markets crude, refined product, natural gas, natural gas liquids and renewable products and services to customers across
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "intend", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. More particularly, this press release contains statements concerning the intended use of the net proceeds from the Offering, including the redemption of the 2019 Debentures and the timing thereof.
Although the forward-looking statements contained in this press release are based upon assumptions which management of the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Any forward-looking statements contained in this press release represent expectations as of the date of this press release and are subject to change after such date. However, the Company is under no obligation (and the Company expressly disclaims any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. With respect to the forward-looking statements contained in this press release, the Company has made assumptions regarding the redemption and the timing thereof. All the forward-looking statements in this press release are qualified by the cautionary statements herein.
Forward-looking statements are provided herein for the purpose of giving information about the Offering referred to above. Readers are cautioned that such information may not be appropriate for other purposes. Further information about factors affecting forward-looking statements and management's assumptions and analysis thereof is available in filings made by the Company with Canadian securities commissions available on SEDAR+ at www.sedarplus.ca.
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