Boralex refinances with expanded C$360 million four-year revolver

By Susanna Moon

Chicago, April 28 – Boralex Inc. said it refinanced with a C$360 million four-year revolving corporate credit facility, consisting of a C$300 million revolving credit facility and a C$60 million letter of credit facility guaranteed by Export Development Canada.

National Bank of Canada is the lead arranger, and the syndicate includes Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Montreal, Caisse Centrale Desjardins, Royal Bank of Canada and Comerica Bank.

The facility replaces the C$175 million revolving credit facility, which was set to mature in June 2018. The loans are secured by some of Boralex's assets, including its hydroelectric power stations located in Quebec.

The revolver is renewable annually.

"This refinancing will significantly improve our financial flexibility and will allow capital to be allocated to new projects, enabling us to pursue growth objectives," Boralex president and chief executive officer Patrick Lemaire said in the company press release.

Boralex is a Kingsey Falls, Quebec, power generating company.

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