Boralex, Gaz Metro, Valener close C$617.5 million refinancing

By Lisa Kerner

Charlotte, N.C., May 4 – Boralex Inc., Gaz Metro LP and Valener Inc. closed a C$617.5 million non-recourse refinancing for Seigneurie de Beaupre Wind Farms 2 and 3 General Partnership, which operates two winds farms located near Quebec City, according to a news release.

The total refinancing amount consists of the following:

• A C$383.4 million uncovered tranche of the term loan expiring in December 2032, representing a C$132.3 million increase over the initial tranche and a one-year extension of the maturity date;

• A C$192.7 million covered tranche of the term loan expiring in December 2029, representing a C$44.5 million decrease and a two-year reduction of the maturity date of this tranche; and

• A C$41.4 million letter-of-credit facility.

The C$192.7 million tranche of the term loan is covered by a guarantee pledged in favor of the lenders by the Federal Republic of Germany through its export credit agency, Euler-Hermes.

The group of lenders consists of MUFG, KfW IPEX-Bank, Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank, AKA Bank, DZ Bank, Laurentian Bank of Canada, Commonwealth Bank of Australia and Credit Industriel et Commercial.

Boralex is a Kingsey Falls, Quebec, power generating company. Gaz Metro is a Quebec natural gas distributor, and Valener is an investment vehicle in Gaz Metro.

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