Tidewater Midstream and Infrastructure Ltd. has agreed to sell a roadway network to Canadian Resource Roadways, an infrastructure company specializing in building roads for Canadian industry. (Source: Shutterstock)
Canada-based Tidewater Midstream and Infrastructure Ltd. (TWM) has agreed to sell a roadway network to Canadian Resource Roadways LP for CA$24 million (US$16.8 million), the company announced on March 6.
The midstream company is selling the roadways around the Brazeau River Complex, located in the western Alberta province. Canadian Resource Roadways is an infrastructure company specializing in building roads for Canadian industry.
The transaction is expected to close in April with CA$22.5 million (US$15.7 million) paid out and the rest to be paid by Dec. 31.
The proceeds will be used to reduce outstanding amounts on Tidewater’s three-year delayed draw term loan.
“The transaction provides a meaningful amount of cash for the BRC Roadway Network and aligns with our goal of maximizing the return we receive on our assets. We continue to remain very focused on generating cash flow and optimizing our core asset base,” said Jeremy Baines, Tidewater CEO, in the press release.
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