Spy Hill Power plans roadshow for C$152 million offering of amortizing bonds due 2036

By Cristal Cody

Prospect News, Jan. 8 - Spy Hill Power LP plans to hold a roadshow in Canada on Friday for a C$152 million offering of senior secured amortizing bonds (DBRS: A), according to informed sources on Tuesday.

The series A bonds are due March 31, 2036.

CIBC World Markets and Casgrain & Co. Ltd. are the lead managers.

Proceeds will be used to repay C$110 million of bank debt, to cover C$32.9 million of interest rate swap breakage and to make a C$5.6 million distribution to Northland Power Inc.

Spy Hill Power is indirectly owned by Northland Power and secured by all assets of ProjectCo., a special-purpose entity created to own, build and operate an 86 megawatt peaking facility about 200 kilometers east of Regina, Sask., under a 25-year peaking power purchase agreement with electric utility SaskPower.

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