People | Service & Supply | Finance & Investing | Oilfield Services | Fundraising | Capital Markets

Tidewater Adds to Board Following Latest Stock Offering

Email    |    Print    |    Bookmark

You Need to login first

   |    Wednesday,March 23,2016

Tidewater Midstream and Infrastructure Ltd. has closed its previously announced bought deal financing. A total of 57,500,000 common shares have been issued at a price $1.40 per share for gross proceeds of $80,500,000, which included the exercise in full of the over-allotment option granted to the underwriters.

The syndicate of underwriters was co-led by CIBC World Markets Inc., Macquarie Capital Markets Canada Ltd., and National Bank Financial Inc., and included Beacon Securities Limited, Acumen Capital Finance Partners Limited, FirstEnergy Capital Corp., GMP Securities L.P., Cormark Securities Inc., Paradigm Capital Inc., AltaCorp Capital Inc., Canaccord Genuity Corp., and Desjardins Securities Inc.

The net proceeds from the Offering will be used to reduce indebtedness that was partially incurred to fund the acquisition of certain AltaGas Ltd. infrastructure assets, which closed on February 29, 2016, to evaluate various projects and for general corporate purposes. All of the projects the Corporation is evaluating are in the early stages of evaluation. Such projects include potential capital investments (including pipelines, NGL terminals and truck racks and fractionation facilities), acquisitions and consolidation opportunities.

Pursuant to the Acquisition, AltaGas has proposed and nominated David R. Wright to the board of directors of Tidewater.

Mr. Wright is the former Executive Vice President, Strategy and Corporate Development at AltaGas and has over 30 years of experience in energy, power, infrastructure, utility and legal businesses, as well as in a broad range of governance and community service roles. It is anticipated that Mr. Wright will join the Board on March 23, 2016. Upon the addition of Mr. Wright, the Board will be comprised of Joel MacLeod, Doug Fraser, Stephen Holyoake, Trevor Wong-Chor and David Wright.

Tidewater is pleased to announce that its Board has declared a dividend for the first quarter 2016 of $0.01 per common share payable on or about April 29, 2016 to shareholders of record on March 31, 2016. The ex-dividend date is March 29, 2016. This dividend is an eligible dividend for the purpose of the Income Tax Act(Canada).