Tidewater Closes Pioneer Pipeline Sale to ATCO

Source: www.gulfoilandgas.com 6/30/2021, Location: North America

Successful closing of Pioneer Pipeline sale to ATCO
Tidewater Midstream and Infrastructure Ltd., together with its partner TransAlta Corporation ("TransAlta"), is pleased to announce that it has closed its previously announced sale of the Pioneer Pipeline (the "Pioneer Transaction") to ATCO Gas and Pipelines Ltd. ("ATCO") for gross proceeds of $255 million. Tidewater received net cash proceeds of $135 million which includes: the sale of certain ancillary assets to TransAlta that closed concurrently with the Pioneer Transaction; and, cash consideration for certain budgeted restoration work completed by Tidewater at TransAlta's cost.
The Pioneer Pipeline will be integrated into the Nova Gas Transmission Ltd. ("NGTL") and ATCO Alberta integrated natural gas transmission systems to provide reliable natural gas supply to TransAlta's power generating units at Sundance and Keephills. Tidewater will use the proceeds from this disposition to accelerate its deleveraging plan and to repay debt under its credit facility.

"The sale of the Pioneer Pipeline and its integration into NGTL's and ATCO's integrated natural gas transmission systems is a major milestone for Tidewater in achieving its twelve-month leverage target of 3.0-3.5x Net debt/Adjusted EBITDA," said Joel MacLeod, Chairman and CEO of Tidewater, "The Pioneer Pipeline was a transformational project for Tidewater. We are pleased to have played a role in converting TransAlta's existing Alberta thermal units to natural gas. We thank TransAlta for their partnership in the Pioneer Pipeline project."

Report on annual general and special meeting voting results
Tidewater is also pleased to announce that at the annual general and special meeting held in Calgary, Alberta on June 29, 2021 (the "Meeting") holders of common shares of Tidewater: (i) elected Joel MacLeod, Douglas Fraser, Margaret A. (Greta) Raymond, Robert Colcleugh, Michael Salamon, Neil McCarron and Gail Yester to the Board of Directors; (ii) re-appointed Deloitte LLP, as Tidewater's auditors; (iii) approved the unallocated deferred equity share units under the Corporation's deferred share unit plan; and (iv) passed the non-binding advisory vote on the Corporation's approach to executive compensation.

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