By Angela McDaniels
Tacoma, Wash., Oct. 25 – Boralex Inc. received €100.6 million of financing from Credit Industriel et Commercial and BPI France Financement for three wind farms in France, according to a company news release.
The financing consists of a €52.4 million 10-year tranche at a fixed rate of 0.8%, €11.2 million for value-added tax receivables and a €37 million 15-year tranche at a variable rate of about 2.5% over the entire loan term, 90% of which will be covered by an interest rate hedging contract. The average interest rate over the 15-year period will be about 1.77%.
The financing is based on a debt-to-equity ratio of 80%.
Loan disbursement is subject to customary conditions that the company expects to fulfill soon.
Boralex develops, builds and operates renewable energy power facilities and is based in Montreal.
| Issuer: | Boralex Inc.
|
| Issue: | Financing
|
| Amount: | €100.6 million
|
| Tranches: | €52.4 million 10-year tranche, €37 million 15-year tranche and €11.2 million for value-added tax receivables
|
| Lenders: | Credit Industriel et Commercial and BPI France Financement
|
| Announcement date: | Oct. 25
|
|
|
| 10-year tranche
|
| Amount: | €52.4 million
|
| Tenor: | 10 years
|
| Coupon: | 0.8%
|
|
|
| 15-year tranche
|
| Amount: | €37 million
|
| Tenor: | 15 years
|
| Coupon: | Variable rate of about 2.5%
|
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