DBRS rates Lower Mattagami bonds A (high)

DBRS said it assigned a provisional rating of A (high) with a stable trend to the C$220 million senior secured bonds, series 2016-1, due Oct. 21, 2026 to be issued by Lower Mattagami Energy LP (A (high) and R-1 (low), stable).

The provisional rating is based on the existing Lower Mattagami issuer rating of A (high), which was intended to apply to multiple senior secured bond issuances for about $1.8 billion in total.

Net proceeds will be used to repay outstanding commercial paper. Including the expected C$220 million series 2016-1, the total senior secured bonds outstanding will be roughly C$1,795,000,000.

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