04:41 PM EDT, 09/12/2024 (MT Newswires) -- Tidewater Renewables ( TDWRF ) said Thursday it completed a transaction with Tidewater Midstream (TWM.TO) , which includes selling several assets for $122 million and receiving BC Low Carbon Fuel Standard (LCFS) credits worth $7.7 million.

The company sold its canola co-processing infrastructure, and the fluid catalytic cracking co-processing infrastructure, working interests in various other Prince George refinery units, and a natural-gas storage facility co-located at Tidewater Midstream's Brazeau River Complex.

The company said cash proceeds from the asset sale were used to repay amounts outstanding on its first lien senior credit facility. Tidewater Renewables ( TDWRF ) also sold BC LCFS credits to Tidewater Midstream for about $7.2 million and will continue until March 2025, potentially totaling $77.5 million.

The company reduced the first lien credit facilities from $175 million to $30 million. The due date for these and the $25 million second lien term loan was extended from Sept. 18 to Feb. 28, 2026. The company also added a new $33 million facility.

Tidewater Renewables ( TDWRF ) issued warrants to the Alberta Investment Management Corp. (AIMCo) for 1 million shares at $3.99 each, expiring in September 2029. AIMCo could control about 18.7% of the company's shares if it exercises all warrants and converts fees. It is restricted from owning more than 19.9% of the shares, the company said.

The Toronto Stock Exchange has conditionally approved the listing of shares related to the new warrants and convertible fees, the company added.

Shares of Tidewater Renewables ( TDWRF ) closed down $0.21 to $2.69 on the Toronto Stock Exchange.