- Tidewater Renewables Ltd. (LCFS) has closed a $150 million senior secured credit facility with Alberta Investment Management Corporation (AIM) and an unnamed affiliate
- Tidewater is an energy transition company focused on producing low-carbon fuels
- The company issued 3.37 million warrants to AIM
- Proceeds will be used to repay outstanding credit facilities, working capital, general corporate purposes, and growth projects
- Tidewater Renewables Ltd. (LCFS) is up 1.94 per cent and is trading at $10.50 per share as of 11:57 a.m. ET
Tidewater Renewables Ltd. (LCFS) has closed a $150 million senior secured credit facility with Alberta Investment Management Corporation (AIM) and an unnamed affiliate.
Tidewater is an energy transition company focused on producing low-carbon fuels like renewable diesel, renewable hydrogen, renewable natural gas, and carbon capture.
According to the company, the facility’s term is five years and was drawn down with a single advance and a 5.00 per cent discount. The facility has a yearly interest of 6.50 per cent.
The company stated the base Interest rate will increase by 37.5 basis points in years four and five and is subject to certain inflation escalators.
As a part of the facility, Tidewater issued 3.37 million warrants to AIM.
Each warrant entitles AIM to purchase one common share of Tidewater for $14.84 per common share for the term of the facility.
Tidewater will use proceeds to repay the outstanding drawn credit under its senior credit facility, repay the outstanding drawn credit on a renewable gas credit facility, working capital, for general corporate purposes, and growth projects.
Tidewater Renewables Ltd. (LCFS) is up 1.94 per cent and is trading at $10.50 per share as of 11:57 a.m. ET.