Boralex $80 million term loan being led by Credit Suisse

By Sara Rosenberg

New York, Oct. 26 - Boralex Industries Inc.'s proposed $80 million seven-year senior secured term loan (Ba3) is being led by Credit Suisse, a company spokesman told Prospect News on Thursday.

The deal is being syndicated somewhat like a private placement, with no bank meeting planned to take place, but rather calls to potentially interested lenders being made, the spokesman explained, adding that the syndication process is well under way.

Security is the U.S. hydro assets and U.S. biomass assets of Boralex Industries, as well as certain payments made under the monetization of its U.S. production tax credits, a company news release said.

Proceeds will be used to retire $5 million of existing debt and for general corporate purposes.

The transaction is expected to close by the end of November.

Boralex is a Kinsley Falls, Canada-based green and renewable energy production company.

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