09:34 AM EDT, 05/29/2024 (MT Newswires) -- Tidewater Midstream and Infrastructure Ltd. ( TWMIF ) announced Wednesday that it has agreed with the syndicate of underwriters to increase the size of its previously announced convertible debenture offering.

According to a statement, the underwriters have agreed to purchase, on a "bought deal" basis, $87 million principal amount of convertible unsecured subordinated 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 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.

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