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Tidewater Midstream closes private placement of senior unsecured notes

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World Pipelines,

Tidewater Midstream and Infrastructure Ltd. is pleased to announce that is has closed its private placement of CAN$125 million of 6.75% senior unsecured notes which were due on 19 December 2022.

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 US Securities Act of 1933, as amended, and may not be offered or sold in the US 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.

The corporation is pleased to announce that its board has declared a dividend for the fourth quarter 2017 of CAN$0.01 per common share payable on or about 31 January 2018 to shareholders of record on 29 December 2017. The ex-dividend date is 28 December 2017. This dividend is an eligible dividend for the purpose of the Income Tax Act (Canada).

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