Great Lakes Power Holdings LP, Canada Atlantis Hydro Holding LP and Algoma Hydro Holding LP complete C$346M private placement issuance of Series A Senior Secured Bonds and sale of C$440 million of Series B Bonds on a delayed draw basis
December 19, 2022
786.00 Million CAD
On December 19, 2022, BMO Nesbitt Burns Inc. and TD Securities Inc. (the “Lead Agents”), and Scotia Capital Inc. and National Bank Financial Inc. (collectively, the “Agents”), completed the closing of a private placement issuance by Great Lakes Power Holdings LP, Canada Atlantis Hydro Holding LP and Algoma Hydro Holding LP (collectively, the "OpCo"). The issuance was completed by Series A Senior Secured Bonds in the aggregate principal amount of C$346 million due November 30, 2029. The proceeds will be used to pay all expenses incurred in connection with the issuance of the Series A Bonds, to make loans to affiliates, to make distributions, to repay Indebtedness, and/or for any other corporate purposes. The Series B Bonds, with a total amount of approximately C$440 million, will be settled on a delayed draw basis on the Second Closing Date expected on or before June 16, 2023.
The OpCo owns and operates a 350-megawatt portfolio of hydroelectric generating assets, which is composed of 21 units across 12 stations, three reservoirs, and four rivers near Sault Ste. Marie, Ontario.
McCarthy Tétrault advised the Agents with a team led by Gordon Baird that included Liezl Behm (Financial Services), Will Horne, Michael Eldridge, Sarah Ferguson (Business), George Plummer and Yasin Celik (Real Property and Planning).