New Issue: Lower Mattagami Energy sells C$200 million 2.228% five-year bonds at 81 bps spread

By Cristal Cody

Prospect News, Oct. 18 - Lower Mattagami Energy LP (A2//DBRS: A) sold C$200 million of 2.228% five-year senior secured bonds at par in a private placement on Thursday, according to an informed bond source.

The series 2012-2 bonds priced at a spread of 81 basis points over the Government of Canada benchmark, tighter than initial guidance in the 83 bps area.

CIBC World Markets Inc. and BMO Capital Markets Corp. were the bookrunners.

The issue may be redeemed at the Canada bond yield plus 20 bps.

Lower Mattagami Energy, a partnership of Ontario Power Generation Inc. and LM Energy Inc., operates hydroelectric generators on the Mattagami River.

Issuer:	Lower Mattagami Energy LP
Amount:	C$200 million
Maturity:	Oct. 23, 2017
Securities:	Senior secured bonds
Bookrunners:	CIBC World Markets Inc., BMO Capital Markets Corp.
Co-managers:	National Bank Financial Inc., RBC Capital Markets LLC, Scotia Capital Inc., TD Securities Inc., HSBC Capital (Canada) Inc., Laurentian Bank Securities, Inc.
Coupon:	2.228%
Price:	Par
Yield:	2.228%
Spread:	81 bps over Government of Canada benchmark
Call feature:	Canada bond yield plus 20 bps
Pricing date:	Oct. 18
Settlement date:	Oct. 23
Ratings:	Moody's: A2
	DBRS: A
Distribution:	Canada private placement
Price talk:	83 bps area

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