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DBRS rates EnerCare notes BBB
DBRS said it has assigned a final rating of BBB (high) with a stable trend to the C$225 million of 4.6% series 2013-1 senior unsecured notes of EnerCare Solutions Inc.
The notes mature on Feb. 3, 2020.
In addition, DBRS said that EnerCare has entered into a C$60 million term credit facility that matures on Jan. 28, 2016, and EnerCare is expected to draw the full amount available under the term credit facility.
According to the agency, the net proceeds from the notes are expected to be used by EnerCare to fund the redemption of an equivalent principal amount of the outstanding series 2009-2 notes.
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