Boralex closes refinancing of its U.S. debt
MONTREAL, June 27, 2013 /PRNewswire/ - Boralex Inc. (" Boralex " or the " Corporation ") (TSX: BLX) has completed a long-term refinancing for an amount of US$90 million secured by two of its U.S. power stations.
The refinancing for the Hudson Falls and South Glens Falls power stations, both located in the State of New York with an installed capacity of 46 MW and 14 MW, respectively, will allow the Corporation to repay the current debt of US$70.7 million encumbering these assets, fund the required debt reserves, and finally free up an amount to support its development projects.
This non-recourse financing, which was arranged by Bank of America Merrill Lynch and TD Securities, bears interest at an annual rate of 3.51% and will be amortized by semi-annual payments over a 12-year period. Subject to certain customary conditions, funding has been scheduled on September 3, 2013, which corresponds to the maturity date of the current debt.
Boralex was represented by law firm K&L Gates LLP.
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of almost 500 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately 550 MW of power that will be put in service by the end of 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.
SOURCE BORALEX INC.