NOT FOR DISSEMINATION TO U.S. WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES The prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with this offering will be accessible through SEDAR+ within two business days CALGARY, Alberta, May 28, 2024 (GLOBE NEWSWIRE) -- Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Company") (TSX:TWM) announced today a public offering (the "Offering"), on a "bought deal" basis, of $75 million principal amount of convertible unsecured subordinated debentures (the "Debentures"), at a price of $1,000 per Debenture, with an interest rate of 8.00% per annum, payable semi-annually on the last day of June and December, commencing on December 31, 2024. The Debentures will mature on June 30, 2029. The Debentures will be convertible at the holder's option into common shares in the capital of the Company ("Shares") at a conversion price of $0.78 (the "Conversion Price"). The Debentures will not be redeemable before June 30, 2027. On or after June 30, 2027, the Debentures may be redeemed in whole or in part from time to time at the option of the Company at par plus accrued and unpaid interest, if any, to but excluding the date of redemption, provided that the volume weighted average trading price of the Shares on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which notice of redemption is given is not less than 125% of the Conversion Price. The Company shall provide not more than 60, nor less than 30 days' prior notice of redemption. The Offering is being made through a syndicate of underwriters (the "Underwriters") led by National Bank Financial Inc. Tidewater has also granted the Underwriters the option to purchase up to $11.3 million principal amount of additional Debentures, at a price of $1,000 per Debenture, to cover over-allotments, if any, and for market stabilization purposes, exercisable in whole or in part at any time until 30 days after the closing of the Offering. Tidewater intends to use the net proceeds from the Offering to redeem (the "Redemption") $75 million principal amount of its 5.50% convertible unsecured subordinated debentures due September 30, 2024 (the "2019 Debentures"). The 2019 Debentures are redeemable prior to the maturity date at par plus accrued and unpaid interest up to ...