(TSX: TWM)

CALGARY, AB, Dec. 22, 2023 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) is pleased to announce the closing of the previously announced sale of its Pipestone natural gas plant, Pipestone expansion project and Dimsdale natural gas storage facility to AltaGas Ltd. ("AltaGas") (collectively the "Transaction"). As consideration for the Transaction, Tidewater received cash proceeds of $325 million and approximately 12.47 million common shares of AltaGas ("AltaGas Shares") for aggregate total consideration of approximately $665 million, based on the closing price of the AltaGas Shares on the Toronto Stock Exchange ("TSX") on the day before closing. Concurrent with the closing of the Transaction, Tidewater entered into credit facilities with a syndicate of domestic and global banks totaling an aggregate amount of $375 million (the "Credit Facilities").  The Credit Facilities will provide Tidewater with the financial flexibility to support its ongoing base business, while providing enhanced liquidity to support profitable growth initiatives.