Birch Hill-backed Tidewater Midstream and Infrastructure closes refinancing

• An expanded syndicate of lenders supported the facility increase, while Birch Hill and Kicking Horse Capital contributed to the equity offering
• In connection with the refinancing, Thoma P. Dea, president and CEO of Kicking ‎Horse, has joined Tidewater’s board
• Stifel FirstEnergy acted as financial advisor on the refinancing

Tidewater Midstream and Infrastructure, a Calgary-based midstream company backed by Canadian private equity firm Birch Hill Equity Partners, has closed a unit financing and refinancing plan.

The refinancing consists of an increase of the company’s senior credit facility to C$550 million and a C$92.5 million equity offering. An expanded syndicate of lenders supported the facility increase, while Birch Hill and Kicking Horse Capital contributed to the equity offering.

The completion of the refinancing plan simplifies Tidewater’s balance sheet, lowers its leverage and cost of capital, extends its debt maturity profile and provides significant additional liquidity from the increase in the size of the senior credit facility, the company said.

Proceeds from the offering, coupled with underwriter’s over-allotment option exercise, have enabled Tidewater to cancel its initially proposed second lien facility, helping to reduce cost of capital and simplify the capital structure.

In connection with the refinancing, Thoma P. Dea, president and CEO of Kicking ‎Horse, has joined Tidewater’s board of directors.

Stifel FirstEnergy acted as financial advisor to the special committee of the board of directors in relation to the Tidewater’s refinancing plan.

Tidewater is trades on the Toronto Stock Exchange under the ticker symbol “TWM”. Its business objective is to build a diversified midstream and infrastructure company in the North American natural gas, natural gas liquids, crude oil, refined product, and renewable energy value chain.