DBRS gives Lievre Power, bonds BBB

DBRS said it assigned a provisional BBB issuer rating to Lievre Power Holdings LP and provisional ratings of BBB to the series A bonds and series B bonds, together, the HoldCo bonds, to be issued by HoldCo.

Lievre is a single-purpose vehicle established to issue the HoldCo bonds with proceeds to partially refinance Lievre Power Financing Corp.'s, rated BBB (low), debt of $225 million, the OpCo notes, and make advances to affiliates, for distributions and for general corporate purposes. HoldCo directly and wholly owns Lievre Power LP (OpCo), which guarantees the OpCo notes.

On the first closing date, expected on Dec. 29, 2021, C$1.014.7 billion of series A bonds will be settled, while C$125.3 million of series B bonds will be settled to partially exchange for the OpCo notes. On the second closing scheduled for Oct 6, 2025, the remaining OpCo notes of C$99.7 million will be refinanced at the HoldCo level. The total amount of the HoldCo bonds and OpCo notes is C$1.239.7 billion.

The HoldCo Bonds will rank equally and partially amortize over a 40-year period to mature on Dec. 31, 2061, with a total balloon amount of C$367.8 million, subject to refinancing. The total debt amount is sized to a minimum consolidated debt-service coverage ratio of 1.4x, the agency said.

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