Spy Hill Power to continue roadshow for C$152 million of bonds due 2036 through Tuesday

By Cristal Cody

Prospect News, Jan. 9 - Spy Hill Power LP is expected to continue a roadshow for C$152 million of senior secured amortizing bonds (DBRS: A) into the week of Jan. 14, according to an informed source on Wednesday.

The company plans to hold the roadshow for the series A bonds due March 31, 2036 in Toronto on Friday and Montreal on Tuesday along with a national investor call later on Tuesday.

Pricing is dependent on investor feedback.

CIBC World Markets and Casgrain & Co. Ltd. are the bookrunners. BMO Capital Markets Corp. is a co-lead manager.

Proceeds will be used to repay C$110 million in bank debt, cover C$32.9 million of interest rate swap breakage and 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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