By Cristal Cody
Tupelo, Miss., Feb. 20 - Lower Mattagami Energy LP sold C$275 million of 4.176% senior secured bonds due Feb. 23, 2046 at par in a private placement on Wednesday, an informed bond source said.
The series 2013-1 bonds (A2//DBRS: A) priced at a spread of 152 basis points over the Government of Canada benchmark.
BMO Capital Markets Corp. and CIBC World Markets Inc. were the lead managers.
The issue is redeemable at 38 bps over the Canada bond yield.
Proceeds will be used to repay debt.
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$275 million
|
| Maturity: | Feb. 23, 2046
|
| Securities: | Senior secured bonds
|
| Bookrunners: | BMO Capital Markets Corp., CIBC World Markets Inc.
|
| Co-managers: | National Bank Financial Inc., RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., HSBC Capital (Canada) Inc., Laurentian Bank Securities, Inc.
|
| Coupon: | 4.176%
|
| Price: | Par
|
| Yield: | 4.176%
|
| Spread: | 152 bps over Government of Canada benchmark
|
| Call feature: | 38 bps over Canada bond yield
|
| Pricing date: | Feb. 20
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody's: A2
|
| DBRS: A
|
| Distribution: | Canada private placement
|
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