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Altera Infrastructure L.P. announced the expiration of its Exchange Offer for the 8.50% Senior Notes due 2023 due to insufficient participation, as the Minimum Participation Condition was not met. As a result, all tendered Old Notes will be returned to their holders, and proposed amendments to the indenture will not take effect. The Partnership, which operates critical infrastructure in offshore oil regions, has consolidated assets of approximately $4.3 billion, with a fleet of 47 vessels employed on stable contracts. The Partnership's preferred units trade under the symbols ALIN-PA, ALIN-PB, and ALIN-PE.
On August 17, 2021, Altera Infrastructure announced the expiration of the Early Tender Time for its Exchange Offer to swap 8.50% Senior Notes due 2023 for new 8.50% and 11.50% Senior Secured Notes due 2026. Eligible holders who tendered their Old Notes before the deadline will receive $950 per $1,000 of Old Notes and a $50 consent fee, while late tenderers will only receive $950. The Exchange Offer concludes on August 25, 2021, and is subject to specific conditions.
Altera has $4.3 billion in consolidated assets and operates primarily in offshore oil regions.
Altera Infrastructure GP L.L.C. announced an extension of the Early Tender Time for the Exchange Offer to August 16, 2021. This offer allows holders of 8.50% Senior Notes due 2023 to exchange them for new 8.50% or 11.50% Senior Secured Notes due 2026. The Exchange Offer expires on August 25, 2021, subject to certain conditions. Eligible holders include institutional buyers and non-U.S. persons. The new notes have not been registered under the U.S. Securities Act, and the partnership is focused on energy infrastructure with consolidated assets of approximately $4.3 billion.
Altera Infrastructure GP LLC reported a net loss of $28.5 million and revenues of $266.9 million for Q2 2021. Adjusted EBITDA was $109.6 million, a decrease from $153.4 million in Q2 2020. Key factors included lower FPSO and Shuttle Tanker revenues. The company announced several measures to enhance liquidity, including suspending preferred unit distributions and restructuring approximately $700 million in debt. The new PIK notes are due in 2026, with expected annual cash flow savings exceeding $80 million. Altera also sold assets totaling $30 million.
Altera Infrastructure GP LLC has announced measures to enhance its financial flexibility and maturity profile. The Partnership entered an agreement with Brookfield Business Partners to exchange around $700 million of debt for new 11.5% Senior Secured PIK Notes due in 2026. Additionally, it has suspended cash distributions on its Series A, B, and E Preferred Units starting from May 15, 2021. These actions are anticipated to result in over $80 million in annual cash flow savings and extend debt maturities to 2026. The Partnership operates critical offshore infrastructure assets valued at $4.3 billion.
Altera Infrastructure GP LLC announced an Exchange Offer for Eligible Holders of its 8.50% Senior Notes due 2023. This offer allows holders to exchange their notes for newly issued 8.50% Senior Secured Notes due 2026 or 11.50% Senior Secured PIK Notes due 2026. The Exchange Offer will expire on August 25, 2021, with an early tender deadline of August 11, 2021, offering additional incentives. Participation is conditioned on 80% of the Old Notes being tendered. The partnership's consolidated assets are about $4.3 billion, primarily in offshore oil regions.
Altera Infrastructure L.P. is set to release its financial results for the Second Quarter of 2021 on July 29, 2021, prior to market opening. Investors and interested parties can join a live conference call at 09:00 a.m. ET using conference code 9502728. The call will also be available on the company’s website, where a related earnings presentation will be posted. Altera holds assets worth approximately $4.3 billion, including 47 offshore units on stable contracts, and is primarily focused on offshore energy infrastructure.
Altera Infrastructure GP LLC reported Q1 2021 results with revenues of $272.8 million and a net income of $5.9 million, compared to a net loss of $259 million in Q1 2020. Adjusted EBITDA was $120.3 million, down from $164 million a year earlier, due to lower revenues from its Petrojarl FPSO and the absence of Voyageur FPSO revenues. The Partnership had total liquidity of $222 million as of March 31, 2021. Key strategic updates include the delivery of two LNG-fueled shuttle tankers.
Altera Infrastructure GP LLC has announced cash distributions for its preferred units, reflecting its commitment to deliver returns to investors. Distributions include:
- Series A: $0.4531 per unit, record date May 10, 2021, payment May 17, 2021.
- Series B: $0.5313 per unit, record date May 10, 2021, payment May 17, 2021.
- Series E: $0.5547 per unit, record date May 10, 2021, payment May 17, 2021.
Altera Infrastructure focuses on critical offshore energy infrastructure, with consolidated assets valued at approximately $4.5 billion.
Altera Infrastructure GP has reported a net loss of $73 million for Q4 2020, translating to $0.20 per common unit, compared to a net loss of $9 million in Q4 2019. Revenue declined to $278.7 million, impacted by reduced contributions from FPSO and FSO vessels, and higher startup costs. Adjusted EBITDA stood at $142.2 million, down from $169 million year-over-year. The partnership maintains total liquidity of $236 million. Strategic initiatives are underway, including contract extensions and vessel delivery.
