By Cristal Cody
Tupelo, Miss., Feb. 25 - InPower BC General Partnership priced C$299,183,000 of 4.471% 19-year senior secured amortizing bonds at 99.398 to yield 4.534% in a private placement offering on Tuesday, according to an informed source.
The bonds due March 31, 2033 (DBRS: BBB) priced with a spread of 190 basis points over the Government of Canada benchmark.
Scotia Capital Inc. and National Bank Financial Inc. were the bookrunners.
The offering was upsized slightly from an initial deal size estimate of C$297.7 million.
The bonds have a weighted average life of 13.22 years.
InPower BC General Partnership plans to use the proceeds to fund construction costs.
The special-purpose entity, owned by SNC-Lavalin Capital Inc., will design, build, finance and maintain a replacement hydroelectric plant on the Campbell River of Vancouver Island under a 19.75-year project agreement with the British Columbia Hydro & Power Authority.
Issuer: | InPower BC General Partnership
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Amount: | C$299,183,000
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Maturity: | March 31, 2033
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Securities: | Senior secured amortizing bonds
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Bookrunners: | Scotia Capital Inc. and National Bank Financial Inc.
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Co-managers: | CIBC World Markets Inc., TD Securities Inc., Casgrain & Co. Ltd., RBC Dominion Securities Inc., BMO Capital Markets Corp. and Desjardins Securities Inc.
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Coupon: | 4.471%
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Price: | 99.398
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Yield: | 4.534%
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Spread: | 190 bps over Government of Canada benchmark
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Weighted average life date: May 16, 2027
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Pricing date: | Feb. 25
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Settlement date: | Feb. 28
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Ratings: DBRS: BBB
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Distribution: | Canada private placement
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Marketing: | Roadshow
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