Connor, Clark & Lunn Infrastructure and Alpenglow Rail announce closing of $280 million private placement financing

TORONTO, Dec. 17, 2025 /PRNewswire/ - Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and Alpenglow Rail (Alpenglow) are pleased to announce the successful closing of an inaugural private placement financing raising in excess of CAD280 million. The process attracted interest from a diverse group of leading North American financial institutions, resulting in the transaction being significantly oversubscribed. The private placement notes received an investment grade rating.

The strategic partnership between CC&L Infrastructure and Alpenglow was established in 2019 to develop and operate a diversified portfolio of rail businesses across North America. Alpenglow's portfolio encompasses six rail terminals: three terminals in Canada under the VIP Rail brand (Sarnia and Corunna in Ontario and Alberta Midland in Alberta) and three terminals in the United States under the USA Rail brand (Port Allen in Louisiana and Port Arthur and Orange in Texas). Alpenglow offers a full suite of rail solutions to its customers, including railcar storage, switching, transloading and railcar cleaning, among others.

Ryan Lapointe, Managing Director at CC&L Infrastructure, commented: "CC&L Infrastructure is pleased to complete this successful financing, which underscores the strength of our partnership with Alpenglow and the quality of the rail platform we have built together. At the outset of our partnership, we envisioned creating a safe, scalable, customer-focused rail business and this financing positions us well to continue executing on that vision. Our long-term investment approach provides a strong value proposition within the rail sector, and we look forward to supporting the next phase of growth and value creation across the portfolio."

Henning von Kalm, Chief Financial Officer of Alpenglow, added: "Together with CC&L Infrastructure, we remain focused on owning and operating high-quality rail assets for the long term. This private placement is a testament to the resilience of our business model and the confidence investors have in our platform. Alpenglow's rail terminals are strategically located within North America's leading refining and petrochemical hubs – the Alberta Heartland, the US Gulf Coast and Southwestern Ontario. With this established footprint across multiple markets, we are excited to build on our successes and continue delivering strong results."

CIBC Capital Markets (CIBC) served as the exclusive financial advisor and lead placement agent to CC&L Infrastructure and Alpenglow. National Bank of Canada Capital Markets and Desjardins Capital Markets served as additional placement agents, and Torys LLP acted as issuer's counsel.

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure assets with attractive risk-return characteristics, long lives and the potential to generate stable cash flows. To date, CC&L Infrastructure has accumulated over $7 billion in assets under management, diversified across a variety of geographies, sectors and asset types, with more than 100 underlying facilities across approximately 40 individual investments. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., an independently owned, multi-affiliate asset management firm that provides a broad range of traditional and alternative investment management solutions to institutional and individual investors. Connor, Clark & Lunn Financial Group's affiliates manage over CAD167 billion in assets. For more information, please visit www.cclinfrastructure.com.

About Alpenglow Rail

Alpenglow Rail develops and manages freight rail businesses and related transportation assets across North America. Alpenglow Rail currently owns and operates six rail terminals strategically located in leading industrial markets within Canada and the US Gulf Coast. Alpenglow Rail was founded by a team of seasoned railroad executives with significant experience in the acquisition, operation, development and growth of North American short line railroads. For more information, please visit www.alpenglowrail.com.

Contact Information

Kaitlin Blainey
Managing Director
Connor, Clark & Lunn Infrastructure
(416) 216-8047
[email protected]

Henning von Kalm
Chief Financial Officer
Alpenglow Rail
(917) 293-2351
[email protected]

SOURCE Connor, Clark & Lunn Infrastructure