MONTREAL, June 27, 2013 /CNW Telbec/ - Boralex Inc. (" Boralex " or the
" Corporation ") (TSX: BLX) has completed a long-term refinancing for
an amount of US$90 million secured by two of its U.S. power stations.
The refinancing for the Hudson Falls and South Glens Falls power
stations, both located in the State of New York with an installed
capacity of 46 MW and 14 MW, respectively, will allow the Corporation
to repay the current debt of US$70.7 million encumbering these assets,
fund the required debt reserves, and finally free up an amount to
support its development projects.
This non-recourse financing, which was arranged by Bank of America
Merrill Lynch and TD Securities, bears interest at an annual rate of
3.51% and will be amortized by semi-annual payments over a 12-year
period. Subject to certain customary conditions, funding has been
scheduled on September 3, 2013, which corresponds to the maturity date
of the current debt.
Boralex was represented by law firm K&L Gates LLP.
Boralex is a power producer whose core business is dedicated to the
development and the operation of renewable energy power stations.
Currently, the Corporation operates an asset base with an installed
capacity of almost 500 MW in Canada, the Northeastern United States and
France. Boralex is also committed under power development projects,
both independently and with Canadian and European partners, to add
approximately 550 MW of power that will be put in service by the end of
2015. With more than 200 employees, Boralex is known for its
diversified expertise and in-depth experience in four power generation
types — wind, hydroelectric, thermal and solar. Boralex's shares and
convertible debentures are listed on the Toronto Stock Exchange under
the ticker symbols BLX and BLX.DB, respectively. More information is
available at www.boralex.com or www.sedar.com.
SOURCE: BORALEX INC.
For further information:
Director, Public Affairs and Communications
Director, Investor Relations