By Cristal Cody
Tupelo, Miss., Oct. 3 – Alberta PowerLine LP closed on the issuance of C$1,384,678,000 of senior secured amortizing bonds (A2//DBRS: A) priced in four tranches, according to a market source and a news release.
The deal was expected to include series A bonds due Dec. 1, 2053, series B bonds due March 1, 2054, series C bonds due Sept. 1, 2032 and series D bonds due June 1, 2032. Final pricing details weren’t immediately available.
CIBC World Markets Inc. and RBC Dominion Securities Inc. were the underwriters.
Alberta PowerLine is a partnership 80% owned by ATCO Co. Canadian Utilities Ltd. and 20% owned by Quanta Services, Inc.
ATCO said in the release the deal represents the largest public-private partnership financing ever completed in Canada.
Proceeds from the bond issuance will be used by Alberta PowerLine to finance the Fort McMurray West 500-kilovolt transmission project. The project consists of about 500 kilometers of transmission line and associated facilities running from Wabamun, west of Edmonton, to Fort McMurray. Construction began in the summer and will conclude when the line goes into service in 2019.
Calgary, Alta.-based Canadian Utilities provides utilities and energy services.
Quanta Services is a Houston-based supplier in the electric power, oil and gas industries.
| Issuer: | Alberta PowerLine LP
|
| Amount: | C$1,384,678,000
|
| Maturities: | June 1, 2032-March 1, 2054
|
| Securities: | Senior secured amortizing bonds
|
| Bookrunners: | CIBC World Markets Inc. and RBC Dominion Securities Inc.
|
| Notice date: | Oct. 2
|
| Ratings: | Moody’s: A2
|
| DBRS: A
|
| Distribution: | Canada
|
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