By Susanna Moon
Chicago, Oct. 6 – Gaz Metro Inc. closed a C$125 million private placement of 3.28% of series T first mortgage bonds due 2046.
The bonds are guaranteed by Gaz Metro LP along with collateral security backed by the assets of GMi and Gaz Metro, according to a notice by Gaz Metro and Valener Inc.
BMO Nesbitt Burns Inc. and TD Securities Inc. as joint bookrunners and co-lead private placement agents.
Proceeds will be used to repay debt and for general corporate purposes.
Valener is a Montreal-based investment vehicle in Gaz Metro and an investor in wind power production in Quebec.
Gas Metro inc. holds about 71% in Gaz Metro Partnership, for which it acts as the general partner and a financing vehicle.
Gaz Metro Partnership is a Montreal-based natural gas and energy company.
| Issuer: | Gaz Metro Inc.
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| Guarantor: | Gaz Metro LP
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| Amount: | C$125 million
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| Maturity: | Oct. 9, 2046
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| Coupon: | 3.28%
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| Securities: | First mortgage bonds
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| Bookrunners: | BMO Nesbitt Burns Inc. and TD Securities Inc.
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| Co-managers: | Desjardins Securities Inc., National Bank Financial Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Laurentian Bank Securities Inc. and Casgrain & Co. Ltd.
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| Pricing date: | Oct. 6
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| Ratings: | S&P: A+
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| DBRS: A
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| Distribution: | Canada private placement
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