Tidewater Midstream and Infrastructure Ltd. Announces Closing of Senior Notes Offering and Fourth Quarter 2017 Dividend
20 12월 2017 - 12:51AM
THIS RELEASE IS INTENDED FOR
DISTRIBUTION OUTSIDE THE UNITED STATES ONLY AND IS NOT AUTHORIZED
FOR DISTRIBUTION WITHIN THE UNITED STATES
Closing of Senior Notes
Offering
Tidewater Midstream and Infrastructure Ltd.
(“Tidewater” or the “Corporation”) (TSX:TWM) is pleased to announce
that is has closed its private placement (the “Private Placement”)
of $125 million of 6.75% senior unsecured notes due December 19,
2022 (the “Notes”).
Tidewater will use the net proceeds from the
Private Placement for a non-permanent repayment of indebtedness
under Tidewater's existing credit facility, drawn to fund its
various capital projects, and for general corporate purposes.
With the receipt of proceeds from the Private Placement, Tidewater
is fully funded to execute on its recently announced Deep Cut
Montney Sour Gas Plant and 120 km natural gas pipeline from the
Corporation’s Brazeau River Complex. Funding requirements
will vary depending on whether Tidewater’s anchor tenants exercise
their working interest options in these projects.
CIBC Capital Markets acted as sole book-runner
and co-lead agent for the Private Placement along with a syndicate
that included National Bank Financial Inc. as co-lead agent,
AltaCorp Capital Inc., Macquarie Capital Markets Canada Ltd., RBC
Dominion Securities Inc., Cormark Securities Inc., Raymond James
Ltd. and Scotia Capital Inc.
The Notes will not be qualified for distribution
to the public under the securities laws of any province or
territory of Canada and may not be offered or sold in Canada,
directly or indirectly, other than pursuant to applicable private
placement exemptions. The Notes will not be registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements of such Act. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes in any jurisdiction.
Dividend Announcement
The Corporation is pleased to announce that its
Board has declared a dividend for the fourth quarter 2017 of $0.01
per common share payable on or about January 31, 2018 to
shareholders of record on December 29, 2017. The ex-dividend date
is December 28, 2017. This dividend is an eligible dividend for the
purpose of the Income Tax Act (Canada).
The Corporation's Business
Tidewater is traded on the TSX under the symbol
“TWM”. Tidewater’s business objective is to build a diversified
midstream and infrastructure company in the North American natural
gas and natural gas liquids (“NGL”) space. Its strategy is to
profitably grow and create shareholder value through the
acquisition and development of oil and gas infrastructure.
Tidewater plans to achieve its business objective by providing
customers with a full service, vertically integrated value chain
through the acquisition and development of oil and gas
infrastructure including: gas plants, pipelines, railcars, trucks,
export terminals and storage facilities.
Cautionary Notes
Advisory Regarding Forward-Looking
Statements
This news release contains forward-looking
statements within the meaning of applicable securities laws.
In particular, this news release contains forward-looking
statements with respect to the use of proceeds from the Private
Placement and funding of Tidewater projects. Although
Tidewater believes that the expectations reflected in such
forward-looking statements are reasonable, undue reliance should
not be placed on them because Tidewater can give no assurance that
such expectations will prove to be correct. Assumptions have
been made with respect to, among other things, general economic and
market conditions. Factors that could cause actual results to
differ materially from those set forth in the forward looking
statements include, among other things, general economic and market
conditions, industry conditions, market and commodity price
volatility and Tidewater's financial and operational performance
and results. Tidewater undertakes no obligation to update the
forward-looking statements herein except as required by applicable
laws.
Tidewater Midstream & Infrastructure Ltd.
Joel MacLeod
Chairman, President and CEO
587.475.0210
jmacleod@tidewatermidstream.com
Tidewater Midstream and ... (TSX:TWM)
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