Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Company”) (TSX: TWM) announced that the Company has agreed with the syndicate of underwriters led by National Bank Financial Markets (the “Underwriters”) to increase the size of its previously announced convertible debenture offering. The Underwriters have agreed to purchase, on a “bought deal” basis, $87 million principal amount of convertible unsecured subordinated debentures (the “Debentures”), at a price of $1,000 per Debenture, with an interest rate of 8.00% per annum, payable semi-annually on the last day of June and December, commencing on December 31, 2024 (the “Offering”). The Debentures will mature on June 30, 2029.

Tidewater has also granted the Underwriters the option to purchase up to $13.0 million principal amount of additional Debentures, at a price of $1,000 per Debenture, to cover over-allotments, if any, and for market stabilization purposes, exercisable in whole or in part at any time until 30 days after the closing of the Offering.

In all other respects, the terms of the Offering and the use of proceeds therefrom will remain as previously disclosed in the original press release dated May 28, 2024.

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 the United States absent registration or an applicable exemption from the registration requirements. The press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


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 North America. Tidewater is a majority shareholder of Tidewater Renewables. Additional information relating to Tidewater is available on SEDAR+ at www.sedarplus.ca and at https://www.tidewatermidstream.com.

For further information please contact:

Michael GracherManager, Investor RelationsTidewater Midstream and Infrastructure Ltd.Phone: (403) 200-9142 Aaron AmesInterim Chief Financial OfficerTidewater Midstream and Infrastructure Ltd.Phone: (403) 542-7205
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