Tidewater Midstream sets talk for C$100 million five-year notes at 7% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., Dec. 12 – Tidewater Midstream and Infrastructure Ltd. set initial talk for its C$100 million of unrated five-year senior notes in the 7% area, according to a market source.

Books open Wednesday morning. The deal is also set to price on Wednesday.

CIBC Capital Markets is the bookrunner. National Bank Financial is the co-lead agent. The syndicate of banks taking part in the deal also includes AltaCorp, Macquarie, RBC, Cormark, Raymond James and Scotia.

The notes come with two years of call protection and feature a two-year 35% equity clawback at par plus the coupon and a 101% poison put.

The Calgary, Alta.-based energy midstream and infrastructure company plans to use the proceeds to repay debt and for general corporate purposes.

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