DBRS assigns BBB to Enercare notes

DBRS said it assigned ratings of BBB with stable trends to Enercare Solutions Inc.’s (BBB, stable) issuance of C$275 million 3.38% series 2017-1 senior unsecured notes maturing Feb. 21, 2022 and C$225 million 3.99% series 2017-2 senior unsecured notes maturing Feb. 21, 2024.

The notes settled on Feb. 21.

The notes will be direct unsecured obligations of Enercare, ranking pari passu with all other unsecured and unsubordinated debt of the company.

Net proceeds are expected to be used to fund the redemption, in full, of the outstanding C$250 million 4.3% 2012-1 senior unsecured notes, repayment of existing credit facilities and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.