DBRS finalizes BB on Capital Power notes

DBRS said it finalized its provisional rating of BB on Capital Power Corp.’s C$350 million of fixed-to-fixed rate subordinated notes, series 1 due Sept. 9, 2082.

The company intends to allocate an amount equal to the proceeds to finance or refinance new or existing investments and expenditures that meet the eligibility criteria as described in its green financing framework. Pending such allocation, Capital Power plans to use the proceeds to redeem the company’s outstanding cumulative minimum rate reset preference shares, series 9, to repay certain amounts drawn on the company’s credit facilities and for general corporate purposes.

The trend is stable.

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