DBRS: Lower Mattagami Energy bonds A(high)

DBRS said it assigned a provisional rating of A (high) with a stable trend to Lower Mattagami Energy LP's prospective offering of two issues of senior secured bonds expected to total C$500 million.

The proceeds will be used to repay short-term indebtedness and to fund future redevelopment costs, DBRS said.

The bonds are being issued by way of private placement and pursuant to a master trust indenture and supplemental indenture, the agency said.

The bonds will be the direct, secured and unsubordinated obligations of the issuer, ranking pari passu with all other bonds of the issuer, DBRS said.

The bonds also are guaranteed by affiliate Lower Mattagami LP and have full recourse until the recourse release date to sponsor Ontario Power Generation Inc., the agency said.

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