North Battleford Power L.P. (North Battle-ford) issued $667.3 million principal amount of 4.958 per cent Senior Secured Amortizing Bonds, Series A due December 31, 2032, on a private placement basis.
North Battleford, a wholly owned subsidiary of Northland Power Inc., owns a 260 MW natural gas-fired combined cycle electricity generation facility and certain ancillary assets located North Battleford, Saskatchewan, which is about 150 kilometres northwest of Saskatoon. North Battleford has a baseload power purchase agreement with Saskatchewan Power Corporation, which expires on June 4, 2033.
The Bonds were rated “A (low)” stable by DBRS Ltd.
CIBC World Markets Inc. was the lead agent for the offering and BMO Nesbitt Burns Inc., Casgrain & Company Limited, National Bank Financial Inc., Scotia Capital Inc., and TD Securities Inc. were also in the syndicate.
The proceeds of the bonds were used by North Battleford to repay its existing bank debt, settle associated interest rate swaps, pay transaction costs with the remainder distributed to Northland for general corporate purposes.
North Battleford and Northland were represented by Borden Ladner Gervais LLP with a team that included Linda Bertoldi, Paul Findlay, Bruce Fowler, Stephen Redican, Stephen Fyfe, Shane Freitag, Habeeb Syed, Tiffany Murray, Mark Lau and Katherine Schuck.
Robertson Stromberg LLP acted as local counsel in Saskatchewan to North Battle-ford and Northland with a team that included Chris Donald, Melvin Gerspacher, Kim Anderson and Liz Nash.
McCarthy Tétrault LLP represented the agents with a team that included Linda Brown and Morgan Troke.
McDougall Gauley LLP acted as local counsel to the agents in Saskatchewan with a team that included Michael Milani and Jeffrey Norwig.
North Battleford, a wholly owned subsidiary of Northland Power Inc., owns a 260 MW natural gas-fired combined cycle electricity generation facility and certain ancillary assets located North Battleford, Saskatchewan, which is about 150 kilometres northwest of Saskatoon. North Battleford has a baseload power purchase agreement with Saskatchewan Power Corporation, which expires on June 4, 2033.
The Bonds were rated “A (low)” stable by DBRS Ltd.
CIBC World Markets Inc. was the lead agent for the offering and BMO Nesbitt Burns Inc., Casgrain & Company Limited, National Bank Financial Inc., Scotia Capital Inc., and TD Securities Inc. were also in the syndicate.
The proceeds of the bonds were used by North Battleford to repay its existing bank debt, settle associated interest rate swaps, pay transaction costs with the remainder distributed to Northland for general corporate purposes.
North Battleford and Northland were represented by Borden Ladner Gervais LLP with a team that included Linda Bertoldi, Paul Findlay, Bruce Fowler, Stephen Redican, Stephen Fyfe, Shane Freitag, Habeeb Syed, Tiffany Murray, Mark Lau and Katherine Schuck.
Robertson Stromberg LLP acted as local counsel in Saskatchewan to North Battle-ford and Northland with a team that included Chris Donald, Melvin Gerspacher, Kim Anderson and Liz Nash.
McCarthy Tétrault LLP represented the agents with a team that included Linda Brown and Morgan Troke.
McDougall Gauley LLP acted as local counsel to the agents in Saskatchewan with a team that included Michael Milani and Jeffrey Norwig.
Lawyer(s)
Linda G. Brown
Morgan A. Troke
Tiffany Murray
Paul G. Findlay
Michael W. Milani
Shane Freitag
Christopher J.H. Donald
Habeeb Syed
Stephen J. Fyfe
Linda L. Bertoldi
Stephen J. Redican
Melvin A. Gerspacher
Jeffrey R. Norwig