Tidewater Midstream and Infrastructure Ltd. said Feb. 29 it closed the acquisition of Alberta Deep Basin Gas processing and gathering assets from AltaGas Ltd. for stock and C$30 million (US$21.6 million) cash.
The assets include 100% working interest in select Deep Basin and central Alberta gas processing facilities and related infrastructure. The majority are located in Tidewater's core West Pembina region.
The facilities have a combined gross licensed natural gas processing capacity of about 490 million cubic feet per day (MMcf/d) and current throughput of about 102 MMcf/d.
In addition, Tidewater has increased its credit facility to C$120 million. The National Bank Financial led facility is expected to close on March 7. Other lenders include ATB Financial, Canadian Imperial Bank of Commerce, Business Development Bank and Canadian Western Bank.
Tidewater's acquisition is comprised of eight core facilities focused in the Deep Basin. The facilities are in proximity to Tidewater's Brazeau River Complex, which generated about 77% of the acquired assets' 2015 EBITDA.
The core facilities are located at Windfall/Kaybob, Marlboro/Edson, Alder Flats, Gilby, Manola, Bonnie Glenn, Malmo and Sylvan Lake.
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